[ by Howard Haykin ] JPMorgan Chase moved expeditiously in selling off most of the losing corporate-credit position that the 'London Whale' trader had accumulated, marking a significant step toward putting an embarrassing chapter behind it. All told, about 65% - 70% of its holdings in a credit, or bond, derivative index known as the CDX IG 9, have been divested.  The position in this index, which tracks a certain cross-section of corporate debt instruments, played a major role in what JPMorgan has estimated to be at least $2 billion in losses. Dimon has kept under wraps most of the details relating to the trade - including its strategy, how the lapses by management could have happened, and the reasons behind the bank's change in valuation models.  He continues to say, all will come out in July, when JPMorgan reports on 2nd quarter results. Meanwhile, some of the Whale’s positions have been widely reported, enabling credit traders to surmise that inhospitable market conditions may have ballooned the bank’s eventual losses to as great as $5 billion.  But, that too, has been concealed by JPMorgan as well and Mr. Dimon has refused to speculate on what the final number might be.  Dimon did say that the bank would hold on to its London Whale positions as necessary in order to minimize additional losses. JPM Shares Take a Hit in Stock Market. Since disclosing that trade, around 5/10/12 - characterized by Dimon as “poorly executed and poorly monitored,” JPMorgan shares have shed over 11% of their value.  Wednesday morning, however, after CNBC reported that the bank had successfully sold off roughly 2/3's of the trade, shares were up about 2%. JPMorgan and Jamie Dimon are not yet out of the woods.  Dimon replaced Ina Drew, who had presided over the CIO trading unit when the losing trades and losing strategy were executed, and other traders have left the bank.  Meanwhile, this issue will remain front and center for at least the next month. For further details, go to:   [CNBC, 6/20/12].