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xchrom

(108,903 posts)
Fri Mar 22, 2013, 07:32 AM Mar 2013

JPMorgan Silent Partner Revealed in Whale Fiasco

http://www.bloomberg.com/news/2013-03-21/jpmorgan-silent-partner-revealed-in-whale-fiasco.html

One of the best parts about last week’s Senate hearing on JPMorgan Chase & Co. (JPM)’s London Whale trades is that we finally got a clear picture of whose side the regulators were on during the early days while the bank’s executives tried to contain the unfolding debacle.

Even when officials at the U.S. Office of the Comptroller of the Currency knew that JPMorgan had misled the public, they did nothing to make the company set the record straight. The regulators didn’t merely keep quiet while JPMorgan spread falsehoods. Their silence made them complicit.

Last April, when Douglas Braunstein was still JPMorgan’s chief financial officer, he said the bank’s regulators were fully aware of what the credit-derivatives traders at its chief investment office had been doing. His assurances came a week after the first stories about the London Whale scandal broke in the press. This was before JPMorgan’s acknowledgement in May that it had a serious problem, which eventually added up to more than $6 billion in trading losses.

“We are very comfortable with our positions as they are held today, and I would add that all of those positions are fully transparent to the regulators,” Braunstein said on JPMorgan’s April 13 quarterly earnings conference call. “They review them, have access to them at any point in time” and “get the information on those positions on a regular and recurring basis as part of our normalized reporting.”
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JPMorgan Silent Partner Revealed in Whale Fiasco (Original Post) xchrom Mar 2013 OP
Fuckers should be doing hard labour for fraud and complicity. All of them. idwiyo Mar 2013 #1

idwiyo

(5,113 posts)
1. Fuckers should be doing hard labour for fraud and complicity. All of them.
Fri Mar 22, 2013, 09:27 AM
Mar 2013

I prefer them working for public good. Send them to Iraq or Afghanistan to rebuild the country, if you don't want them in US. In UK they could be rebuilding abandoned canals and restoring and maintaining abandoned railways, by hand, planting forests, cleaning up beaches and alongside the motorways.

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