Part of a letter doing the rounds of the trading/sales floors today.
Yes, we at JPMorgan that are in the know are fearful of a cascading credit event being triggered in Greece as they have hidden derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these through counterparty risk and outright prop trading that our entire IB EDG space could be annihilated within a few short days. The last ten years has been market by inflexion point after inflexion point with the most notable coming in 2008 after the acquisition of Bear [Stearns].
After eight days of peaceful protest in lower Manhattan, police moved in with tasers, pepper spray and batons on Saturday. Over 80 were arrested for a variety of reasons including filming or taking pictures of the event. Cue roars of “police brutality”.