Friday, May 18, 2012

No Treasurer, An Inexperienced Risk Management Exec? A Lax Oversight of JP Morgan Chief Investment Office

J.P. Morgan Chase & Co. didn't have a treasurer in place during a five-month period when the bank's Chief Investment Office placed trades that led to more than $2 billion in losses.

In addition, the executive put in charge of risk management for the Chief Investment Office in February had little experience in the subject at the time and is the brother-in-law of another top J.P. Morgan executive.

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