Regulators were caught off guard when JPMorgan traders gambled away $6.2 billion of depositors’ funds in wildly risky and illiquid derivative trades in an outpost in London. On August 14 of this year, the U.S. Justice Department announced criminal indictments against two of the traders involved in the matter, the infamous London Whale case, alleging they hid the extent of the losses.
Until the Glass-Steagall Act is restored by the U.S. Congress, until prosecutors rid Wall Street of its serial wrongdoers parked in the executive suites, it’s best to pay careful attention. Are Wall Street Banks Unsafe?
