> But on the other hand, JPMorgan for whatever reason really does seem to want to be that quasi-lender of last resort at the right price. They did it last year.

> But on the other hand, JPMorgan for whatever reason really does seem to want to be that quasi-lender of last resort at the right price. They did it last year. I think Kaminska in my linked article has a pretty fair view that post-crisis regulation changed the game in ways we might not fully acknowledge or be aware of. More like, they realize there is too much risk of intraday bankruptcy: https://wallstreetonparade.com/2019/11/intra-day-bankruptcy-a-2008-email-from-the-fed-provides-insight-into-todays-overnight-repo-scare/ https://wallstreetonparade.com/2019/11/intra-day-bankruptcy-...