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"Whale" Threatens to Flatten JP Morgan
[by Larry Goldfarb]
JP Morgan's board, on Tuesday, voted to release the report on the internal investigation of the trading misstep, “aka The London Whale”, that cost the firm over $6 billion dollars in trading losses, The release of the report was not met with uniform acclaim, within the bank. First, the report puts certain members of the firm in the spotlight for mismanagement. Second, plaintiff lawyers might seize on the report. And finally, releasing the report has the potential to negatively impact the bank's reputation.
Jaime Dimon, argued the report should be released ahead of the earnings report, which is due on Wednesday. There is also considerable conjecture that the bonuses of the top management at JP Morgan will be cut significantly as a result of the trading fiasco.
For more information, please read, [NYT Dealbook, 1/15/13]
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