{"id":5917,"date":"2016-02-24T00:00:00","date_gmt":"2016-02-24T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2016\/02\/london_whale_says_he_is_not_re"},"modified":"2022-05-18T14:33:40","modified_gmt":"2022-05-18T19:33:40","slug":"london-whale-says-he-is-not-re","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/london-whale-says-he-is-not-re\/","title":{"rendered":"London Whale Says He is Not Responsible for Over $6.2B in Losses Involving JPMorgan"},"content":{"rendered":"

Bruno Iksil, the man dubbed the London Whale, has finally spoken out. Iksil, a former trader for JPMorgan Chase & Co. (JPM)<\/a>, was blamed for up to $6.2B in losses\u2014a massive sum, hence the nickname. Unlike others involved, however, Iksil has been able to avoid prosecution after reaching a deal in which he agreed to help U.S. authorities with their cases and testify against others involved.<\/p>\n

In a letter to Bloomberg<\/em>, Iskil said that managers in the London chief investment office \u201crepeatedly\u201d told him to execute the strategy that led to the losses. He noted that the nickname he was given, \u201cLondon Whale,\u201d implies that one person was responsible for the trades involved when, he contends, others were involved in the debacle. Iksil said that his responsibility was to execute a strategy that senior management had put forth, approved, supervised, and ordered.<\/p>\n

He maintains that he told superiors that there was a risk of huge loss with a trading strategy that they wanted him to execute, in part to lower the unit\u2019s risk-weighted assets. Despite his concerns, said Iksil, his supervisors continued to tell him to continue with the strategy.<\/p>\n

The trades involved were credit-swap index tranches. Tranches let investors bet on different levels of risk among a number of companies. If a borrower doesn\u2019t meet its obligation, then the credit swaps must pay the buyer at face value. If t debt is defaulted, then the value the buyer must be paid is less.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bruno Iksil, the man dubbed the London Whale, has finally spoken out. Iksil, a former trader for JPMorgan Chase & Co. (JPM), was blamed for up to $6.2B in losses\u2014a massive sum, hence the nickname. Unlike others involved, however, Iksil has been able to avoid prosecution after reaching a deal in which he agreed to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3958],"tags":[],"class_list":["post-5917","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-jp-morgan-chase"],"yoast_head":"\nLondon Whale Says He is Not Responsible for Over $6.2B in Losses Involving JPMorgan — Investor Lawyers Blog — February 24, 2016<\/title>\n<meta name=\"description\" content=\"Bruno Iksil, the man dubbed the London Whale, has finally spoken out. 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