‘Missed Opportunity': Report Criticizes London Whale Scrutiny
Bloomberg reported, citing a watchdog report, that the Federal Reserve Bank of New York had botched the oversight of JPMorgan Chase office that ultimately took $6.2 billion in trading losses as a result of the London Whale scandal.
Bloomberg said the report, calling the oversight failure a “missed opportunity,” shows that the New York Fed had spotted the risks in JPMorgan’s chief investment office. Bloomberg noted that the bank had planned examinations in 2008, 2009 and 2010; however, the execution of those reviews and inter-agency coordination were mishandled.
To read the entire Bloomberg article, click here.
Previously on abfjournal: Trader to Challenge UK Watchdog over ‘London Whale’ Decision, July 9, 2014