JPMorgan Directors Knew of Bad Trades: Report

Reuters/Eduardo Munoz

Reuters – By Ernest Scheyder               June 11, 2012

(Reuters) – Some JPMorgan Chase & Co directors and executives knew about risky practices by London traders about two years before bad bets caused the company to lose $2 billion, the Wall Street Journal reported on Monday.

Bruno Iksil, a London-based JPMorgan trader, known as the “whale”, is believed to have been involved in the company’s $2 billion loss in derivatives, first announced last month.

The loss hurt the company’s credit rating and caused a steep drop in its stock price. Several regulators and politicians reacted to the loss by demanding stiffer oversight for the banking industry.

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