Today's Water Cooler: Dems deploy Blame Cannons for Ossoff loss, Kalanick defenestrated, London Whale, housing, shipping/retail concentration
Millions of traders lost serious money after the "London Whale" lost JPMorgan Chase & Co. billions in 2012. But now, the trader has finally broken his five-year-long silence. The post The Real “London Whale” Has Been Revealed – but He’s Already Gotten Away with It was originally published at The Wall Street Examiner. Follow the money!
Bruno Iksil has penned a novel-length denunciation of JPMorgan that alleges...something.
The outgoing comptroller of the currency, Thomas J. Curry, is known for overhauling the federal agency and its approach to bank regulation.
The London Whale tells his story; hedge funds step back from the edge; Americans are boning less; and more.
LONDON — Bruno Iksil, the trader dubbed "The London Whale" for his massive trading losses, says he would welcome a lawsuit so he can finally clear his name. Iksil was at the centre of the $6.2 billion (£4.3 billion) JPMorgan trading loss in 2012 when massive derivatives bets he made went sour. Show More Summary
Mismarking one's book, especially in illiquid, OTC securities usually for month-end, P&L purposes is nothing new. We noted it several years ago in the case of the JPM London Whale where, as we reported back in May 2012, JPM's CIO unit...Show More Summary
CalPERS tells its board that the very same lax risk management oversight structure that led to the London Whale fiasco is "best practice" when it clearly isn't.
Usually, when TBTFs get caught doing something either illegal or just plain stupid, no actual humans are penalized. What typically happens is there’s a yearslong investigation during which the handful of regulators and politicians whose...Show More Summary
Bruno Iksil "objects to London whale nickname"; Yahoo attempts to fend off activist investor; Zenefits tells employees "Do not use the stairwells to smoke, drink, eat, or have sex"; and more.
A British regulator said the man had failed to report concerns about a portfolio in 2012, when a bad bet cost the bank $6.2 billion.
Britain's Financial Conduct Authority has fined the boss of the so-called "London Whale" trader nearly £800,000 ($1.15 million) for failing to communicate properly with the regulator. Former JP Morgan executive Achilles Macris — whoShow More Summary
Looking back on a decade running JPMorgan, the boss has had missteps like the London Whale, big legal fines and clashes with regulators. Yet Dimon has fashioned a bank with leading market share, top-tier returns and a head start in fintech. It’s well placed for the next 10 years.
NEW YORK (Reuters) - JPMorgan Chase & Co has agreed to pay $150 million to resolve a securities fraud lawsuit by investors suing the bank over its "London Whale" trading scandal, which caused a $6.2 billion loss. The settlement was disclosed...Show More Summary
By Jonathan Stempel NEW YORK (Reuters) - A federal appeals court said JPMorgan Chase & Co Chief Executive Jamie Dimon and other bank officials need not face a shareholder lawsuit claiming they did a bad job investigating the 2012 "London Whale" trading scandal that caused $6.2 billion of losses. Show More Summary
By Nate Raymond NEW YORK (Reuters) - Two former JPMorgan Chase & Co traders living abroad who face U.S. charges over the bank's $6.2 billion "London Whale" scandal won a bid on Wednesday to avoid sitting for a deposition in New York, where their lawyers say their arrest is likely. Show More Summary
By Jonathan Stempel NEW YORK (Reuters) - JPMorgan Chase & Co shareholders on Tuesday won court permission to pursue their securities fraud lawsuit against the bank over the "London Whale" trading scandal, which caused a $6.2 billion loss, as a class action. Show More Summary
A few weeks back, Bruno Iksil, the man whose name shall live in CDX trading infamy and whose nicknames will forever haunt the desks at JP Morgan’s taxpayer-sponsored, London-based hedge fund (known in polite circles as "CIO"), got a break when the UK’s financial watchdog dropped its investigation saying it didn’t have a strong enough case. Show More Summary
You probably knew that already.