Salient to Investors:
Senator John McCain said JPMorgan’s chief investment office increased risk by mislabeling the synthetic portfolio as a risk-reducing hedge when it was really involved in proprietary trading.
Subcommittee Chairman Carl Levin said they found a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public.
Read the full article at http://www.bloomberg.com/news/2013-03-14/jpmorgan-hid-trades-banned-by-volcker-rule-senate-probe-finds.html
Click here to receive immediate email alerts of the latest forecasts.