london whale

Meet the Man on the Other Side of JPMorgan’s $2 Billion Bad Trade

Boaz Weinstein in 2009.

Last November, while working on the 58th floor of the Chrysler Building, 38-year-old hedge-funder Boaz Weinstein noticed some mega-waves coming out of the London credit derivatives market and rode them all the way to a major profit. Last month, we learned the source of the waves: the so-called London Whale — JPMorgan trader Bruno Iksil — who cost the bank well over $2 billion. Ironically, Weinstein, who earned $90 million last year and plays online chess with the likes of Facebook billionaire Peter Thiel, once oversaw a $2 billion loss at Deutsche Bank. As a fellow hedge-fund manager told the New York Times: “It was one whale versus another whale.”

The Man on the Other Side of JPMorgan’s $2B Loss