So far, the most public reference to that side of the story I’ve seen is an offhand comment made by a politician who’s always looking at things from a business angle. According to the Wall Street Journal, when he was asked last week about the JPMorgan fiasco, Mitt Romney told a radio interviewer: “That’s the way … America works. Some people experienced a loss in this case because of a bad decision. By the way, there was someone who made a gain…” To be sure, if the Reuters piece is correct, this seems to be the way the world, not America, works: Those on the other side of the trade so far seem to include London-based hedge funds.

So who are the lucky winners? Does JPMorgan even know? What about the fact that the Reuters piece notes that at least two of the winners used to be traders at JPMorgan? And what more can we find out about the drama unfolding right now as these traders decide whether to push for more winnings against JPMorgan or take their money off the table? How does this poker game work?

If you'd like to get email from CJR writers and editors, add your email address to our newsletter roll and we'll be in touch.

Steven Brill , the author of Class Warfare: Inside the Fight To Fix America’s Schools, has written for magazines including New York, The New Yorker, Time, Harper's, and The New York Times Magazine. He founded and ran Court TV, The American Lawyer magazine, ten regional legal newspapers, and Brill's Content magazine. He also teaches journalism at Yale, where he founded the Yale Journalism Initiative.