PMorgan Chase chief executive Jamie Dimon apologized again Wednesday during his appearance on Capitol Hill for not knowing what was going on in the bank’s London office last April when it unexpectedly posted a $2 billion loss.
But as the trades unfolded, he and the bank’s vaunted risk management committee weren’t the only responsible parties out of the loop as the trades unfolded. More than 100 bank regulators from the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Federal Reserve, who are permanently embedded at the bank to monitor its activities for safety and soundness, also weren’t aware of the size of the risk being taken on by “the London whale.”
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