Discord At JPMorgan Investment Office Blamed In Huge Loss
Ever since JPMorgan Chase disclosed a multibillion-dollar trading loss this month, the central mystery has been how a bank known for its skill at risk management could err so badly.
As early as 2010, the senior banker who has been blamed for the debacle, Ina Drew, began to lose her grip on the bank’s chief investment office, according to current and former traders. She had guided the bank through some of the most rugged moments of the 2008 financial crisis, earning the trust of Jamie Dimon, JPMorgan’s chief executive, in the process.
Read the whole story at www.nytimes.com
Related News On Huffington Post:
Read more from Huffington Post bloggers:
Arianna Huffington: Sunday Roundup
This week, Facebook went public with the third largest IPO in history. On the downside of the ledger, Moody's downgraded more than three-dozen Spanish and Italian banks, and JPMorgan's trading losses zoomed past the original $2 billion estimate. On the political front, a pro-Romney super-PAC's plan to disentomb the Reverend Wright scandal made headlines. Some might question the wisdom of those backing a candidate who is an elder in a church known for magic underwear, baptizing dead people and a belief that Jesus visited America making religion a campaign issue -- but in a world where single-mom Bristol Palin shamelessly moralizes about the value of kids "growing up in a mother/father home," all bets are off. The controversy prompted Romney to deliver the quote of the week, saying of his stance on Reverend Wright: "I'm not familiar with precisely what I said, but I stand by what I said, whatever it was." Mitt, check your Facebook timeline!
Filed by Melissa Jeltsen