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Former JPMorgan (JPM) exec Javier Martin-Artajo repeatedly encouraged "London whale" Bruno Iksil...

  • Friday, August 3, 2012, 5:34 AM ET
    Former JPMorgan (JPM) exec Javier Martin-Artajo repeatedly encouraged "London whale" Bruno Iksil to report higher valuations on some trades than they are likely to have received in the market at the time, the WSJ reports, which is why the mounting losses took so long to be discovered. However, the trader's valuations were within a wide band set by JPM's oversight group, so it approved them.
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    This illustrates a serious problem with accounting for derivatives. It's incredible that the trader involved was permitted to provide the value of his own positions. Good for him at bonus time.
    3 Aug 2012, 05:45 AM Reply Like
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