Last Thursday was Groundhog Day, again, in US markets. A large sophisticated institution surprised everyone with a 10-figure loss on derivatives, its stock price crumbled, a few pundits said “I told you so”, and some politicians clamoured for reform. The same happened in 1995 with Barings Bank, in 1998 with Long-Term Capital Management, in 2000 with Enron, and in 2008 with several Wall Street businesses, notably Lehman Brothers and AIG. Four days ago it happened with JPMorgan Chase, which stunned investors with a $2bn derivatives loss.
5月10日，美國金融市場上，正如《土撥鼠日》(Groundhog Day)一片的故事一樣，歷史再次重演。一家大型老練機構的衍生品業務出現10位數損失，舉世震驚，其股價暴跌。幾位評論人士說「我早就預言過了」，部分政客則嚷嚷著要實行改革。先前發生過多次類似事件，如1995年的霸菱銀行(Barings Bank)、1998年的長期資本管理公司(Long-Term Capital Management)、2000年的安然(Enron)以及2008年的幾家華爾街企業，尤其是雷曼兄弟(Lehman Brothers)和美國國際集團(AIG)。這次摩根大通(JPMorgan Chase)出現同樣問題，衍生品業務損失20億美元，投資者震驚。