Why Levin's Whale Hearing May Hurt More Banks than JPM

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Why Levin’s Whale Hearing May Hurt More Banks than JPM

Why Levin’s Whale Hearing May Hurt More Banks than JPM

I highly recommend you view the hearing, if you have not. It’s that great!

 

American Banker-

On the surface, Sen. Carl Levin’s grilling of current and former executives at JPMorgan Chase over the infamous London Whale trades was a deep dive into facts, e-mails, and disputes over responsibility concerning the more than $6 billion loss.

The Senate Permanent Subcommittee on Investigations hearing on Friday lasted more than six hours and covered a range of details, including whether bank officials purposely misled their regulator and chief executive Jamie Dimon’s involvement in withholding key data.

But arguably its most important point was the overarching picture that emerged from the hearing: of a bank that didn’t understand the risks it was taking and a regulator that couldn’t keep up either. The hearing provided ample ammunition to critics that charge JPMorgan in particular — and large banks generally — are simply “too big to manage.”

[AMERICAN BANKER]

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