Say what you will about JPM's soon to be former employee (once the IG trade complex is fully unwound... sometime in 2013) Bruno Iksil, but you don't get to run up a several hundred billions notional CDS book (and blow it up) by being stupid. No, Bruno was certainly not stupid. In fact, he has reportedly exhibited precisely the very same brilliant trait that Europe's also very smart central-planners, as well as all other people in positions of power under the current status quo regime, demonstrate day in and day out: "Baffle With Bullshit."
From the WSJ:
Mr. Iksil once confided to the colleague that when he wanted to avoid questions from supervisors about his trades, he sometimes would start discussing a mathematical term, equation or other technical jargon, to confuse and end the conversation. "He wasn't trying to evade, he sometimes just didn't have patience if it was his trading idea," the colleague said.
And there it is. As we have been saying for well over a year now, the only real policy that the sinking ship has left is just this: use big words, inject some jargon, sounds confident, and hope and pray you are not called out on it, or else one must pull a Juncker and say they were only "lying." Sadly, with more and more intelligent voices out there, who no longer wish to be part of the broken system, "baffle them with bullshit" no longer works as an exit strategy.
Time to come up with some new.