Red-Faced Regulators Feel The Heat After JP Morgan Report

Law360, New York (March 15, 2013, 7:46 PM EDT) -- With a U.S. Senate investigation report claiming bank regulators missed warning signs over JPMorgan Chase & Co.'s $6.2 billion "London Whale" derivatives trading losses, officials have yet another black eye as pressure mounts to strengthen the proposed Volcker Rule to stop banks from taking such risks.

Much of the scorn contained in the report released Thursday by the Senate's Permanent Subcommittee on Investigations is directed at JPMorgan for concealing critical financial information about the trades from authorities, investors and internal regulators.

However, the report also faulted...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.