In Dimon’s reality distortion field, JPMorgan’s enormous bets weren’t anything like prop trading. The bank’s Chief Investment Office in London was just hedging—namely, trying to reduce the firm’s risk by putting on one position to neutralize an opposite position elsewhere in the portfolio. Hedging is permitted under the Volcker Rule. This hedge, Dimon says, just happened to go bad. JPMorgan’s own words and actions belie that explanation.