JPMorgan Inside the Whale
The conventional wisdom is that the US government would not have gone after JPMorgan Chase had its "London Whale" losses occurred during the financial crisis, when the financial system was fragile. But, while JPM might have gotten a legal pass, both it and the US economy are lucky that the losses came in 2012.
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CAMBRIDGE – It has been a bad few weeks for JPMorgan Chase (JPM), the multinational financial-services firm that by some measures is America’s biggest bank. Two of its traders were indicted, and the bank agreed to a billion-dollar fine for failing to report the extent of its “London Whale” losses fast enough and accurately enough. Now it faces even bigger fines – perhaps exceeding $10 billion – for mortgage activities, mostly by two of the financial firms, Bear Stearns and Washington Mutual, that it bought up during the financial crisis.