Skip to main content

Newsroom

August 19, 2013

Everything You Need to Know About JPMorgan’s London Whale

The case of JPMorgan’s London Whale reached a new milestone when U.S. prosecutors brought charges on August 14 against two former JPMorgan traders implicated in the massive cover up of a $6 billion loss in derivatives bets. Bloomberg reports that Javier Martin-Artajo and Julien Grout, former traders in JPMorgan’s Chief Investment Office (CIO) in London, were charged with conspiracy, wire fraud and making false filings.

Notable omissions are Bruno Iksil, the London Whale himself, and anyone from the executive ranks at JPMorgan. Iksil is cooperating with U.S. authorities and has been granted immunity. Chairman and CEO Jamie Dimon and other members of senior management have improbably claimed no knowledge of the cover up. The case highlights the role of JPMorgan’s valuation control group in overseeing the internal values the CIO placed on the derivatives in question: the traders were allowed to mark the price for the derivatives beyond the established price range, which allowed them to cover the losses.

Summary of London Whale investigations:

Until the whales in the executive office are charged, there will be no justice. It is up to the Department of Justice and the SEC to finally apply the law without fear or favor to the wealthy, powerful and well-connected of Wall Street.

The following press release, blog posts and interviews from Better Markets have more on the London Whale:

For more, visit the Better Markets Newsroom for comprehensive media coverage of the London Whale.

Blog
Share

MEDIA REQUESTS

For media inquiries, please contact us at
press@bettermarkets.org or 202-618-6433.

Contact Us

For media inquiries, please contact press@bettermarkets.org or 202-618-6433.

To sign up for our email newsletter, please visit this page.

Name(Required)
This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact press@bettermarkets.org or 202-618-6433.

Donate

Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today