User Clip: "You're saying that JPMorgan is so big, you didn't know who had very serious responsibility to send required reports to the regulators?"
Too Big To Fail, too big To understand who's in charge
- 5 minutes
- 183 views
Too Big To Fail, too big To understand who's in charge
Broke rules regarding analyzing and adjusting risk limits on a yearly basis
Didn't Supply Reports for 4 Key Months
No backtesting and error prone spreadsheet in use
Senator Johnson - Panel One, JPMorgan Credit Derivative Trades (London Whale).
Senator Levin reads out emails between CRO and head of quant team about CRM number.
Changed models to ignore real market values and manipulate reporting
Senate Homeland Security Cmte: Ina Drew on Resigning from JP Morgan