Daily News: August 20, 2012

WSJ: JPMorgan Picks Director to Head ‘Whale’ Probe

The Wall Street Journal reported that Lee Raymond, the “brusque” former chairman and chief executive of Exxon Mobil will have the last say on James Dimon’s role in the “London Whale” trading fiasco – an arrangement that presents risks for both men.

The Journal said, according to people close to the probe, JPMorgan Chase directors have named Raymond chairman of a board committee investigating the bank’s multibillion-dollar trading blunder. The independent panel has broad authority to double-check previous findings of management and call on any person in the company to answer questions.

Raymond’s group isn’t expected to complete its review until late fall or early winter, the Journal said.

To read the Wall Street Journal story, click here.