The fallout from a nearly $6 billion (3.8 billion pounds)
trading loss at JPMorgan Chase & Co looks like it will haunt the big U.S.
bank and its high-profile chief executive, Jamie Dimon, for months to come,
Reuters told us.
U.S. authorities are interviewing witnesses in both the
United States and Europe to determine if three former London-based traders and
others who worked with them at JPMorgan tried to hide some of the mounting
losses during the first quarter of this year, said people familiar with the
situation.
The situation presents several challenges to U.S.
authorities: the potentially irregular trading occurred in London; and it was
carried out by non-U.S. citizens, such as French national Bruno Iksil, who
became known in the market as the "London Whale" for the size of his
positions. That translates into
different rules for different jurisdictions and could raise extradition issues
if any individuals are charged….
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