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Just like a super markt. we re like wall mart. we sell you polka dot dresses. that s the first thing that jamie dimon said on his phone call. one of which is that you re allowed to hedge at the portfolio level. the statute, and by the statute, i mean the law written into dodd-frank said that you can hedge an aggregate. hedging at the portfolio level is we add up all of the traders positions and try to define some hedge for them at a macro level. and that usually doesn t make sense, except in a couple of rare cases. so this gives jamie dimon and jp morgan cover to say yeah, this wasn t a hundred billion. this was a hedge. and there s a huge number of things wrong with that. ....