NEW YORK (Reuters) - Another JPMorgan Chase & Co risk manager, who worked for a division that lost at least $5.8 billion on a series of complex derivatives trades, has hired a lawyer in connection with probes into the so-called "London Whale" trading debacle, according to sources familiar with the investigations.
By Shock Exchange:Last week the Wall Street Journal reported that banks who suspected they were parties to fraud in commodity-backed loans were expanding their investigations. Several banks, including Citigroup (C), are party to loans backed by aluminum and copper stored at Qingdao Port in northeast China.
The U.S. has charged two former JP Morgan traders over the $6 billion 'London Whale' trading lost in the bank's London Chief Investment Office last year. Charges against former managing director Javier Martin-Artajo and Julien Grout, a low-level trade, include wire fraud and conspiracy to falsify books and records.
I used to like DealBreaker, I really did. Alas that was in my younger years before I made a (very) small name for myself and before I took the red pill offered to me by Tyler Durden. Now I realize that sarcastically apologizing for the nefarious character of the financial world is pretty much the same as just plain-old apologizing for it...
By Bret Jensen:Major banks took it to the shorts during Wednesday's market plunge. Most of the biggest banks were off 5% to 8% during the pullback. The prospect of increased regulation during the second term of President Obama, the reversal of the pro-Romney trade, and the specter of Elizabeth Warren having influence in the Senate with regard to the financial services area all rocked the sector.