Relevant:
- How JP Morgan became trapped in its $1 trillion fortress
- More on the Supposedly Out of Control JP Morgan Chief Investment Office and the "Fortress Balance Sheet"
- More JP Morgan Whitewash
- For Dimon ‘there is a woe that is madness' (Loss "Grows" To $4.2B)
- 100 Regulators Missed JPMorgan's London Whale
2012-05-18 — nakedcapitalism.com
As reporters keep digging into the "London Whale" story, the picture that emerges about the caliber of risk controls and management supervision at JP Morgan only look worse and worse.
The latest revelations comes via the Wall Street Journal. First, that there was no treasurer during the period when the CIO entered into the loss-making trades. The idea that a bank of any size, let alone one as big as JP Morgan, would go for months (five in this case) without a treasurer in place is stunning.
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