Daily News: August 3, 2012

J.P. Morgan ‘Whale’ Encouraged to Boost Values on Trades

The Wall Street Journal reported on August 3 that a J.P. Morgan executive encouraged the trader known as the “London whale” to boost valuations on some trades. The Journal said the information was provided by sources that reviewed communications emerging from the bank’s internal probe of its recently reported trading losses that may exceed $7 billion.

The Journal said that Bruno Iksil, the J.P. Morgan trader that has been identified as the “London whale,” is said to have been influenced to boost values of the bets that were losing by Javier Martin-Artajo, who was the credit-trading chief for the company’s chief investment office in London.

To read the full Wall Street Journal article, click here.