The report that JPMorgan Chase released this week about its London Whale trading losses has some amazing omissions.
Reading the 129-page report at times seemed like watching a movie where the characters are screaming and throwing office supplies at each other, except they are wearing brown paper bags over their heads and their voices have been electronically altered so you can’t tell who anybody is.
There are several current and former executives who are named, including Jamie Dimon, the company’s chairman and chief executive officer, and Ina Drew, the former head of JPMorgan’s chief investment office, who left last year. Much blame is cast, especially on Drew.
Fall guys are delivered. Remedies are unveiled. And sufficient criticism is directed at Dimon (along with a 50 percent pay cut for 2012) so the report has the veneer of credibility. But as is usually the case with corporate investigations, the most interesting stuff is what the company chose to overlook.
Hit the link below to access the complete Bloomberg article:
Jonathan Weil joined Bloomberg News as a columnist in 2007, and his columns on finance and accounting won Best in the Business awards from the Society of American Business Editors and Writers in 2009 and 2010.
Weil was a reporter for The Wall Street Journal from 1997 to 2006, and before that at the Arkansas Democrat-Gazette in Little Rock. He grew up in Hollywood, Fla., and has a bachelor's degree from the University of Colorado at Boulder and a law degree from Southern Methodist University.
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