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JPMorgan $2-3Bn Blunder: 'Could Happen to Anyone'
May 18, 2012
[ By Howard Haykin ]
So, how is this for comforting assurance. Former Citi Chairman Sir Winfred Bischoff, now Chairman of Lloyds, speaking at Lloyd's annual meeting, addressed the trading disaster at JPMorgan. Sir Bischoff, being a great fan of Jamie Dimon and an admirer of that bank's good risk culture, said that if it can happen to JP Morgan, it could happen to anyone.
Sir Winfred Bischoff, who previously served as Chairman of the Citigroup Board of Directors from 2007 to 2009, apparently has relatively little esteem for simple internal controls and supervisory checks and balances.
[C-I Note: Perhaps some of the Pre-Pandit corporate culture at Citi rubbed off on Sir Winnie, and he still hasn't shaken it off. 'Tis a shame.] [Business Insider, 5/17/12]
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