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JPMorgan Chase Whale Trade: A Case History of Derivatives Risks and Abuses: Congressional Report
Carl Levin (ed)
JPMorgan Chase & Company is the largest financial holding company in the U.S., with $2.4 trillion in assets. It is also the largest derivatives dealer in the world and the largest single participant in world credit derivatives markets. Its principal bank subsidiary, JPMorgan Chase Bank, is the largest U.S. bank. JPMorgan Chase has consistently portrayed itself as an expert in risk management, but in early 2012, the bankńˇ╗s CIO, which is charged with managing $350 billion in excess deposits, placed a massive bet on a complex set of synthetic credit derivatives that, in 2012, lost at least $6.2 billion. These losses were the result of the so-called ńˇýLondon WhaleńˇŁ trades executed by traders in its London office ńˇ˝- trades so large in size that they roiled world credit markets. In April 2012, the U.S. Congress made preliminary inquiries into what happened and received a series of briefings from JPMorgan Chase. In July 2012, Congress initiated a bipartisan investigation into the trades. This report by the investigation has exposed not only high risk activities and troubling misconduct at JPMorgan Chase, but also broader, systemic problems related to the valuation, risk analysis, disclosure, and oversight of synthetic credit derivatives held by U.S. financial institutions. Figures and tables. This is a print on demand report.
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