J.P. Morgan Knew: Warning Flags Raised Two Years Ago About Trading Desk That Lost $2 Billion

The details of JP Morgan's disastrous $2 billion (and counting) trading loss from its Chief Investment Office (CIO) continue to come out through various reports, BusinessInsider writes.

The Wall Street Journal's Dan Fitzpatrick, Gregory Zuckerman, and Joann Lublin just published a massive report after interviewing "more than a dozen current and former members of the bank's Chief Investment Office."

And some of the revelations are quite eye-opening.  Interviews with more than a dozen current and former members of the bank's Chief Investment Office, the unit responsible for the losses, indicate that discussions about reining in London traders started as early as 2010. Certain directors were briefed then on a foreign-exchange-options bet that went bad, and were told that the trader responsible wouldn't be allowed to ...

Find out more at http://www.businessinsider.com/report-jp-morgan-cio-london-traders-2012-6