The JPMorgan Chase Whale Trades: An Investigation of Derivatives Risks and Abuses

Mikkel Skovgaard (Editor)

Series: Economic Issues, Problems and Perspectives, Trade Issues, Policies and Laws
BISAC: BUS033070

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Special issue: Resilience in breaking the cycle of children’s environmental health disparities
Edited by I Leslie Rubin, Robert J Geller, Abby Mutic, Benjamin A Gitterman, Nathan Mutic, Wayne Garfinkel, Claire D Coles, Kurt Martinuzzi, and Joav Merrick

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JPMorgan Chase & Company is the largest financial holding company in the United States, with $2.4 trillion in assets. It is also the largest derivatives dealer in the world and the largest single participant in world credit derivatives markets. JPMorgan Chase has consistently portrayed itself as an expert in risk management with a “fortress balance sheet” that ensures taxpayers have nothing to fear from its banking activities, including its extensive dealing in derivatives.

But in early 2012, the bank’s Chief Investment Office (CIO), which is charged with managing $350 billion in excess deposits, placed a massive bet on a complex set of synthetic credit derivatives that, in 2012, lost at least $6.2 billion. The CIO’s losses were the result of the so-called “London Whale” trades executed by traders in its London office; trades so large in size that they roiled world credit markets. This book provides an overview and background of the investigation of derivatives risks and abuses relating to the JPMorgan Chase Whale traders with accompanying testimony given before the Permanent Subcommittee on Investigations. (Imprint: Nova)

Preface

JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses
(Permanent Subcommittee on Investigations, Committee on Homeland Security and Governmental Affairs)

Testimony of Ina R. Drew, Former Chief Investment Officer, JPMorgan Chase & Co. Hearing on "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses"

Testimony of Ashley Bacon, Acting Risk Officer, JPMorgan Chase & Co. Hearing on "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses"

Statement of Peter Weiland, Former Head of Market Risk, JPMorgan Chase & Co. Hearing on "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses"

Testimony of Michael Cavanagh, Co-Chief Executive Officer, Corporate and Investment Bank, JPMorgan Chase & Co. Hearing on "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses"

Testimony of Thomas J. Curry, Comptroller of the Currency, U.S. Department of the Treasury. Hearing on "JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses"

Index

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