JPMorgan Silent Partner Revealed in Whale Fiasco
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March 22 (Bloomberg) -- One of the best parts about lastweek’s Senate hearing on JPMorgan Chase & Co.’s London Whaletrades is that we finally got a clear picture of whose side theregulators were on during the early days while the bank’sexecutives tried to contain the unfolding debacle.
Even when officials at the U.S. Office of the Comptrollerof the Currency knew that JPMorgan had misled the public, theydid nothing to make the company set the record straight. Theregulators didn’t merely keep quiet while JPMorgan spreadfalsehoods. Their silence made them complicit.