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，美国金融市场上，正如《土拨鼠日》(Groundhog Day)一片的故事一样，历史再次重演。一家大型老练机构的衍生品业务出现10位数损失，举世震惊，其股价暴跌。几位评论人士说“我早就预言过了”，部分政客则嚷嚷着要实行改革。此前发生过多次类似事件，如1995年的巴林银行(Barings Bank)、1998年的长期资本管理公司(Long-Term Capital Management)、2000年的安然(Enron)以及2008年的几家华尔街企业，尤其是雷曼兄弟(Lehman Brothers)和美国国际集团(AIG)。这次摩根大通(JPMorgan Chase)出现同样问题，衍生品业务损失20亿美元，投资者震惊。