So the Greeks have spent the last few days trying to form a big gang. Members from various little gangs try to find common ground, whilst ignoring the flashing of switchblades as they jockey for advantageous position as head honcho. Eventually the president banged heads together, which just resulted in sore heads rather than anything useful.
The CDS market, being a form of insurance for bank debt, is supposed to be one of the measures we can use to gauge bank creditworthiness. This is a more timely measure than agency ratings, which tend to be based on historical data and have a history of missing the point.
Top executives at JPMorgan Chase are expected to resign this week following $2bn (£1.2bn) of losses at the bank's London trading desk, reports suggest. They include chief investment officer Ina Drew, the New York Times said. Two other high-ranking executives are also set to leave, according to US media. On Sunday, JPMorgan boss Jamie Dimon said he was "dead wrong" to dismiss concerns about trading at the bank.
