WASHINGTON -- The Federal Reserve was aware of risky practices at JPMorgan Chase as early as 2008 but failed to follow up for more than three years until those risks had snowballed into the company's $6.2 billion London Whale scandal, according to a new report from the central bank's Office of Inspector General. Financial reform advocates' response to this unhappy but perhaps not surprising news was summed by Dennis Kelleher, president and CEO of Better Markets. "The remarkable thing here is that the Fed's own people identified the high-risk activities at JPMorgan Chase's offshore units and alerted their supervisors and others that a comprehensive systematic review of those activities should be undertaken quickly," Kelleher said.

BING NEWS:
  • A woman said her tattoos got her rejected for a job, but experts say personality is far more important
    A heavily tattooed creator's video sparked a debate on social media about how much of an issue tattoos are to hiring managers and in job interviews.
    04/23/2024 - 10:45 pm | View Link
  • What Did the Last Four Years Teach Us about Managing Inflation?
    William English, a professor in the practice of finance and a former economist at the Federal Reserve, discusses lessons learned from central banks’ responses to four-plus years of extraordinary ...
    04/22/2024 - 7:36 am | View Link
  • Bernanke Tips BOE Toward ‘Scenario Forecasts’ Over Fed Dot Plots
    It believes they have proved “important for policy communication” and “allow ... In November 2022, the problem blew up because markets were pricing in several rate rises that the BOE at the time did ...
    04/6/2024 - 1:00 pm | View Link
  • Stocks end the day higher even as blowout jobs report pushes some Fed officials to consider another rate hike
    That blew past expectations for 205,000 job gains, according to FactSet consensus ... told CNN. “That’s an important piece of data in an election year, when immigration is under a lot of ...
    04/5/2024 - 10:01 am | View Link
  • Jobs Report: Strong Hiring Dims Fed Rate-Cut Hopes; S&P 500 Rises
    The March jobs report showed hiring far surpassed expectations, as employers added 303,000 payroll positions, while the unemployment rate dipped. After the jobs report, the S&P 500 rose moderately ...
    04/5/2024 - 2:17 am | View Link
  • More

 

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More News