JPMorgan Chase lost a bundle on the trades placed by the "London whale," but few people know how the bank eventually unwound the trade. JPMorgan turned to hedge fund BlueMountain Capital Management, which was co-founded by Andrew Feldstein, a former JPMorgan banker and credit derivatives expert. BlueMountain unwound the trade over several weeks by buying protection on CDX IG 9, the index at the center of the bank's precarious position, thus offsetting JPMorgan's existing bets and then selling them on to the bank.