Lessons From the London Whale - NYTimes.com

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opednews.com Headlined to H3 1/20/13

"A detailed report by JPMorgan Chase on how it lost $6 billion from ill-fated trading in 2012 should be required reading for policy makers and financial executives....the far bigger lesson is that senior bank officials and regulators need to be more vigilant in overseeing potentially risky activity wherever it may be taking place... The report, which was prepared by JPMorgan executives, is not exhaustive: it does not explain, for instance, how an early loss estimate of $2 billion eventually grew to $6 billion. But it provides insights into why the losses took the bank and regulators by surprise. The main reason: they were not paying attention to a small group of traders working for the bank's chief investment unit, which was supposed to be hedging, or protecting against future losses"... a case study of how excessive complexity and poor oversight still threaten the financial system

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At www.nytimes.com

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According to the Office of the comptroller of the ... by Scott Baker on Sunday, Jan 20, 2013 at 11:46:29 AM