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Risk News

6/12/2012
J.P. Morgan Knew of Risks

"Some top J.P. Morgan Chase JPM -0.02% & Co. executives and directors were alerted to risky practices by a team of London-based traders two years before that group's botched bets cost the bank more than $2 billion, according to people familiar with the situation."

Annie's take:

JPMorgan Chase CEO Jamie Dimon testifies in front of Congress tomorrow. This article, written by three of the Wall Street Journal's best reporters, will complicate his testimony. Chase leadership clearly did not execute well on advice and concurrence it had on strategy to reduce these large positions.