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June 13, 2012

Report: JPMorgan Execs Were Aware of Risky Practices 
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The Fed director whose company took in the most government aid was Jamie
Dimon of the banking giant JPMorgan Chase. The Wall Street Journal
meanwhile has revealed a number of top JPMorgan Chase executives were
alerted two years ago to the practices of the London-based traders whose
risky bets recently cost the bank more than $2 billion dollars. The
executives were aware of the traders' practices as early as 2010, when a
single foreign-exchange options trade led to a loss of $300 million
dollars in a matter of days.

 

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