To read the English-language coverage of J.P. Morgan Securities Inc. v. Arbizu, a case in the Southern District of New York, it's all pretty boring. A private banker named Hernan Arbizu was employed by JP Morgan, looking after clients in Argentina and Chile. JP Morgan then discovered that he was committing fraud; they fired him, and are now suing him.

The coverage in Argentina, by contrast, is so different you'd almost think it's a different case entirely. "EL MORGANGATE" screamed the front page of Crítica de la Argentina last week, complete with a picture of dollar bills being hung out to dry on a clothesline. The whole issue of the magazine can be read in pdf form here, and makes for eye-opening reading: splashed across four pages is a list of 200 or so JP Morgan private-banking clients, complete with account numbers and the amount of money in their accounts.