richardhutnik on 13 June 2012
| Kasz216 said: Also worth noting. JP Dimon said that the reason they were unaware of the risks they were taking is because they were MISINFORMED. He didn't think regulations would do much in this case, since JP Morgan passed on the Misinformation that they were given. Meaning basically no regulation would be able to stop what looked like a reasonable trade based on said information. |
http://www.businessweek.com/news/2012-06-13/dimon-says-jpmorgan-managers-may-have-misinformed-board-on-risk
This article says that JP Morgan's management ended up misinforming everyone. Yes, gross incompetence at the bottom. Either that or was for deceptive reasons.
