real way of fully knowing how much exposure JP Morgan has unwound. That said, given the quoted levels on the derivatives index in question, the CDX- NA IG 9, it seems implausible that Dimon was properly representing the size of the loss back in early May. The FT/Alphaville provides fabulous insights into the intrigue surrounding the "thar she blows" of JP Morgan's "London Whale." If JP Morgan's loss quadrupled, then the index likely continued to move sharply against JP Morgan and that reality would be reflected in its valuation. Or maybe not. The chart below highlights how the valuation of this index blew out during the month of April, but has since traded in a relatively narrow range: Again, many reports indicate JP Morgan has now significantly unwound its position. The simple fact is we have no real way of fully knowing. The writer at the FT Alphaville seriously questions the premise that JP Morgan is anywhere close to being out of this fiasco. The amount of risk on the CDX.NA.IG.9, on the other hand, doubled since the start of the year. As FT Alphaville has demonstrated before, this increase was unprecedented. We now know that this is very likely down to the portfolio of JPMorgan's CIO and all of those who chased said Whale, taking advantage of price distortions in its wake. But did you notice how the net notional amount didn't drop by a huge amount last week? It's been declining steadily over the last month, which implies