the Golden Jackass always has interesting stuff to say; this time he put in some very testable points:

http://www.marketoracle.co.uk/Article34819.html

The New York Fed as part of their shoddy Bank Stress Tests this January made a conclusion (directive) that JPM would have to suspend their stock buyback and dividend payouts, IF THEIR DERIVATIVE LOSSES EXCEEDED $31.5 BILLION. Well lookie here!! The JPMorgan colossus just announced no more stock buyback or dividends. Although not a necessary & sufficient condition of the outsized losses, we have an indication of over $31.5 billion in losses. It will all come out gradually, especially since the trigger has been hit.

...

A great urgent need has come for a rally to 1.5% in the TNX (10-year USTreasury yield) in order to save the IRSwaps from implosion.
IRSwaps = interest rate swaps. Essentially the Jackass has been saying that JPM wasn't doing the trading for itself, it was acting on behalf of the US government as part of the overall effort to keep ZIRP. And that therefore Iksil was just the trigger man.