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Report: Fed Knew About, Failed to Stop JPMorgan's London Whale Trades

Joe Mont | October 21, 2014

The Federal Reserve Bank of New York, and by extension the Board of Governors of the Federal Reserve, failed to act on knowledge of high-risk trading activities at JPMorgan Chase’s London investment office and should shoulder some blame for a $6 billion loss the bank suffered from its ill-fated “London Whale” derivatives trades in 2012. That harsh criticism is leveled by the Fed’s Office of Inspector General in a new report that caps a two-year investigation.

The Federal Reserve serves as the consolidated supervisor for all bank holding companies, including JPMorgan Chase and the subsidiary through which the London office booked synthetic credit derivatives trading....

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