Posts tagged 'London Whale'

London Whale — some NY Fed blubber

Since it’s curiously hard to find on the NY Fed’s home page, given the prominence of Bill Dudley’s recent firebreathing speech warning against complexity and cultural dysfunction in US banks…

Click for the Federal Reserve inspector general’s account of how the NY Fed failed to follow up on the early signs it had uncovered of risks in JPMorgan’s Chief Investment Office. Read more

How to make a Whale fine, with the FCA

Within the “sanction” section in the Final Notice on the JP Morgan Whale affair, the FCA takes eight full pages, containing 42 clauses, to get to this:

Conclusion Read more

The $920m teapot [updated]

Federal Reserve fine: $200m

SEC fine: $200m

OCC fine: $300m

UK FCA fine: £137m

JPMorgan shareholders keeping Jamie Dimon as chairman: priceless Read more

The JPMorgan mismarking table

It’s going to take awhile to go over the report of the Senate Permanent Subcommittee for Investigations. There are 1,654 footnotes and we wouldn’t want to miss a single one.

This, however, is one of our favourite exhibits thus far. Not that it’s shocking. More that it’s kinda like a famous artifact that we never thought we’d get to see: Read more

Time to leave Whale enough alone?

Frankly we’re bored of this, but:

That question deserves some serious thought, don’t you think? Read more

The Whale and the P&L (and the RWAs)

JPMorgan’s Whale report just keeps on giving: from the blow by blow account of internal P&L swings after the first articles were published about the CIO’s trades, to discussion on how achieve the firm-wide goal of reducing risk-weighted assets.

Let’s start with the former, shall we? Read more