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Wall Street hasn’t ended its excesses

March 26, 2013
Sen. Carl Levin , Daily Press

WASHINGTON - In April 2012, Americans were confronted with a story of Wall Street excess and derivatives disaster now known as the JPMorgan Chase whale trades. Those trades were essentially a series of bets by traders in the London office of U.S. banking giant, JPMorgan Chase. Their bets grew so large that they roiled the $27 trillion market in complex financial instruments known as credit derivatives. JPMorgan's CEO Jamie Dimon claimed media reports about the whale trades were "a tempest in a teapot." But a month later, the bank admitted the truth: that their bets not only had lost more than $6 billion, but also exposed a litany of problems at what had been considered one of America's safest banks.



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