Daily News: January 30, 2013

JPMorgan Bet Against Itself in ‘Whale’ Trade


CNBC reported, according to three people familiar with the matter, that some of JPMorgan Chase’s own traders bet against the very derivative positions that were placed by its chief investment office.

CNBC noted, according to one of the people familiar with the matter, the U.S. Senate Permanent Committee on Investigations, which launched an inquiry into the trading loss last fall, is looking into the how different divisions of the bank wound up on opposite sides of the same trade. The committee is expected to release a report on its investigation in the next few weeks, CNBC said.

To read the CNBC story click here.