Reuters – Hedge fund manager Boaz Weinstein, who was one of the first traders to call attention to a derivatives bet that cost JPMorgan Chase at least $2 billion recently exited from the trade, booking a tidy profit, according to sources familiar with the trade.
Weinstein, a former Deutsche Bank trader, was one of the early proponents of a trade that involved buying Investment Grade Series 9 10-Year Index CDS, discussing it at the Harbor Investment Conference in February. Ironically, the conference was held at JP Morgan’s Madison Avenue offices.
