NYT: JPMorgan’s ‘Follies, For All To See’
Sunday NY Times’ Fair Game columnist, Gretchen Morgenson, writes that the 307-page Senate report detailing last year’s $6.2 billion trading fiasco at JPMorgan shows that the financial system is at “greater risk than you know thanks to dissembling traders and bumbling regulators.”
Morgenson said the true value of the Senate investigation is its “spotlight on the ability of bank executives to hide hundreds of millions of dollars in losses and yet survive internal valuation reviews.”
Morgenson noted the report also faulted the primarily regulator in this affair, the OCC, which she said did not investigate questionable trading at the bank. “The overseers accepted the bank’s assurances that that nothing was amiss,” Morgenson said.
To read the full text of New York Times article click here.
To read the Permanent Subcommittee on Investigations report – JPMorgan Chase Whale Trades: A Case History of Derivatives Riaks and Abuses; Includes witness testimony downloads for: Ina Drew, Ashley Bacon, Peter Weiland and Michael J. Cavanagh: click here.