Jamie and Ben

The unit at the centre of JPMorgan Chase’s $2bn trading loss has built up positions totalling more than $100bn in asset-backed securities and structured products – the complex, risky bonds at the centre of the financial crisis in 2008.
The unit, the chief investment office (CIO), has been the biggest buyer of European mortgage-backed bonds and other complex debt securities such as collateralised loan obligations in all markets for three years.
J.P. Morgan, the nation’s largest financial firm by assets, is struggling to contain the damage, which already has shaved off more than $25 billion in shareholder value

"We should say we want smaller institutions so that they can safely fail if they need to fail," he said, although he also called J.P. Morgan "a good player."

JPM is the US' largest investment bank. They are Too Big To Fail. $!00b in worthless, if they prove to be, asset-backed securities means nothing to the good doctor. He can monetize those losses at the speed of light.