The Volcker Rule In Light Of JPMorgan’s $5.8B Loss
July 19, 2012, 1:50 PM EDT
Law360, New York (July 19, 2012, 1:50 PM EDT) -- On April 5, 2012, Bloomberg reported that JPMorgan Chase trader Bruno Iksil — known by some as the “London Whale” for the size of his trades — had purchased synthetic credit securities in such large amounts that he was distorting the price of the securities. Worse, the trade appeared to be losing JPMorgan a significant amount of money.
The trade brought JPMorgan’s Chief Investment Office (CIO) under scrutiny, which resulted in CEO Jamie Dimon commenting at the time that the issue was “a complete tempest in...