Do whales swallow? JP
Morgan last week released a scathing 129 page report which details its
widespread “failures” and missteps which led to a massive $6 billion loss at
the mouth of the now infamous trader known as the “London Whale”. In the bible story, the whale swallows Jonah,
only to spit him out three days later. In this instance, the London Whale has
already swallowed a good chunk of CEO Jamie Dimon’s pay.
What’s next? If charges of fraud against traders and
managers surface at JP Morgan, will the whale swallow Dimon? Remember, Dimon early in the crisis dubbed
the matter nothing but a “tempest in a teapot.” The CEO’s disdain has
backfired. Now, he must be singing a
different tune. Last week, the board of JP Morgan decided to cut his pay in
half to a mere $11.5 million…..
Read all about it at http://www.forbes.com/sites/jakezamansky/2013/01/21/will-the-london-whale-devour-jamie-dimon/
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