"Explosive claims on JP Morgan conduct"

[applegrove]

Explosive claims on JP Morgan conduct

by Michael West at the Sydney Morning Herald

http://www.smh.com.au/business/explosive-claims-on-jp-morgan-conduct-20140525-38wq6.html#ixzz32pQ0I5M9

"SNIP..........................



A technical support person who worked for JP Morgan in Australia claims the bank regularly misled its New York parent and the US Federal Reserve by failing to report losing trades.

The explosive allegations are contained in a submission by the person to the Senate inquiry into the performance of the Australian Securities and Investments Commission. BusinessDay has met the person and agreed to allow him to remain anonymous. He appears to be credible.

The person complained to ASIC and later went to work for the regulator, but he said the regulator failed to investigate his claims.

A spokesman for JP Morgan denied the allegations. "The claims are false and misleading," he said.


........................SNIP"

[cantbeserious]

1. The Claims Are Always False And Misleading - Predictable Answer By Crooks

eom

[SamKnause]

2. It is infuriating

to keep the pretense going that JP Morgan, and the other too big to fail banks, did not do anything illegal !!!!!!!!!!!!!!!!!!!!!

[dixiegrrrrl]

3. Fascinating.....

The banks, esp. Goldman and JP Morgan, had drawn much ire because they claimed to have not had any trading losses for years at a time, which pointed to something wrong somewhere.
Later computer trading came under scrutiny, and thought to be the cause.
So much so that Wells Fargo has just announced it is ending its "market making" computer service.

So now, it turns out that JP DID have losses, that were covered up?
Losses would be expected as part of normal trading, I should think.

Unless they were huge, like the London whale losses.

Unless the resulted in the bank having so many losses it is indeed....insolvent.

Hmmmmmmmmm