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Red Flags Said to Go Unheeded by Bosses at JPMorgan

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In the years leading up to JPMorgan Chase's $2 billion trading loss, risk managers and some senior investment bankers raised concerns that the bank was making increasingly large investments involving complex trades that were hard to understand. But even as the size of the bets climbed steadily, these former employees say, their concerns about the dangers were ignored or dismissed.

An increased appetite for such trades had the approval of the upper echelons of the bank, including Jamie Dimon, the chief executive, current and former employees said.

Initially, this led to sharply higher investing profits, but they said it also contributed to the bank's lowering its guard. 'There was a lopsided situation, between really risky positions and relatively weaker risk managers,' said a former trader with the chief investment office, the JPMorgan unit that suffered the recent loss...
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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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