In Bank Fraud, Responsibility Lies at the Very Top

By: Friday December 14, 2012 6:59 am

The Office of the Comptroller of the Currency, which under the direction of Thomas Curry has been moderately more tough-minded against the banks, released a report that essentially admits that the big banks are poorly managed and have inadequate risk management controls. As Yves Smith points out, this means that the executives need to go [...]

UBS “Rogue Trader” Convicted for Fraud

By: Tuesday November 20, 2012 9:15 am

Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting. in a case most applicable to the arrest and trial of Lynndie England for torture. [...]

Moody’s Downgrades 15 Big Banks

By: Friday June 22, 2012 8:55 am

The ratings agency Moody’s reduced the credit ratings of 15 large banks yesterday, in an action that cast a poor light on both the banks and the ratings agencies, if that’s possible. First, here are the facts, and you’ll see that this was expected for some time: The credit agency, Moody’s Investors Service, which warned [...]

Museum President Sat on “Risk Committee” at JPMorgan Chase

By: Friday May 25, 2012 1:35 pm

It turns out that JPMorgan Chase had a risk oversight committee on its board of directors. There were individual risk managers at the various offices as well, but this board was designed to provide oversight for the entire operation. Or, if you prefer, it was designed to pretend to show that JPMorgan Chase cared about [...]

Investment Office At JPMorgan Chase Allowed to Chase Profits and Downplay Risk

By: Monday May 21, 2012 7:39 am

As more becomes known about JPMorgan Chase’s Fail Whale trade, we learn that the Chief Investment Office, where the trades were placed, was the most dysfunctional trading desk this side of AIG’s Financial Products Unit. Early success turned it from an office that was supposed to be hedging risk into a profit center. And this [...]

support firedoglake
Follow FDL News Desk
TODAY’S TOP POSTS
Advertisement
FROM PR NEWSWIRE

Close