Fiction About JP Morgan from Tyler Cowen

Naughty, naughty, Tyler.

The revelation that JPMC did not have control over its derivatives book--even though accompanied by promises of multiple firings and deep reforms--destroyed 1/7 of JPMCs franchise value. Current betting by informed sources is that Jamie Dimond has only a 50-50 chance of keeping his job.

Tyler's favorable quote of the claim:

Facts about JP Morgan — Marginal Revolution: "[T]is initial loss of $800M [TC: with more to come] represents approximately 4% of its total net profit for all of 2011, less than 2.7% of its operating income…

leaves his readers significantly less informed than they were before.