In that setting, what JPM called its “fortress” balance sheet would suddenly have looked highly vulnerable, and the bank could have found itself under far more damaging attack than it has in the last year. But the attack would have come from investors, not regulators.
如此，JPM自称“坚不可摧”的资产负债表将在一夜之间变得不堪一击，JPM也将陷于猛烈的打击中，远甚于去年。但打击将来自投资者而不是监管者。而一旦有交易员拒绝与某银行打交道，那么随着损失的增加和其他交易员的效仿，所造成的伤害将会自我持续。