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A bank CFO would normally be in charge of at least part of the treasury operations, certainly the management of the held-to-maturity book. London-Whale kind of stuff could happen under their purview.

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by Migeru (migeru at eurotrib dot com) on Mon Mar 21st, 2016 at 10:17:39 AM EST
[ Parent ]
Sure, but the London Whale was stupidity, not fraud, no?

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by Drew J Jones (pedobear@pennstatefootball.com) on Mon Mar 21st, 2016 at 01:49:52 PM EST
[ Parent ]
Stupidity, hubris and confusion at least. Fortunately for JPM, another unit of JPM unknowingly took the other side of some of his derivative bets, thereby reducing the damage. It was clearly a deliberate violation of Sarbanes-Oxley, the consequences of which are a testament to the lobbying power of Wall Street.

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by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 21st, 2016 at 07:54:07 PM EST
[ Parent ]


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