Daily News: February 23, 2016

London Whale’s Letter to Bloomberg: Losses Not His Fault


Bruno Iksil, a former JPMorgan Chase trader better known as the “London Whale,” sent a letter to Bloomberg stating that he is not responsible for the losses suffered in the scandal.

In the letter, Iksil asserted that his role in the trading strategy “had been initiated, approved, mandated and monitored by the CIO’s senior management.”

Iskil also asserted in the letter that he warned his superiors of the potential for a large loss repeatedly.

According to Bloomberg, Iskil’s letter marks the end of his silence regarding the matter that resulted in $900 million in regulatory sanctions against JPMorgan and a 50% cut in pay for CEO Jamie Dimon.