The $2 billion trading loss is different from your average financial catastrophe, particularly in journalist terms, because journalists were writing about the possibility two months ago.  They called it! How often do they get to say that?  I smell Loeb awards!  Anyway, if you haven't seen them, here's three interesting takes on the trading loss:

• Closest to home, Glom friend Kim Krawiec reacts to Jonathan Macey's "it's no big deal" op-ed.
• Felix Salmon is certainly on the side of the "silly traders, why are they in banks?" crowd.
• Heidi Moore has the explainer students are going to want to read.

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