Jpmorgan Fined $920 Million For ‘london Whale’

| Week 3 NFL recap | Best images With the league expanding its annual international series from one game to two this year, the usual questions arise whether one day the league will expand to London. And while the league says any such decision is several years away, Wembley officials say they’ll be ready if the day comes. Squeezing in a full slate of home games on Sundays shouldn’t interfere with the stadium’s commitments to host England’s national team soccer fixtures and other events, Wembley’s managing director Roger Maslin said Monday. “Absolutely we can,” Maslin said in an executive box overlooking the Wembley pitch. “I am absolutely confident if (NFL Commissioner) Roger Goodell wanted to have a franchise here we could absolutely deliver on it.” Known for being England’s national football stadiumthe other football, played with a round ballWembley started staging regular-season NFL games in 2007. On Sunday, the Minnesota Vikings play the Pittsburgh Steelers, before the Jacksonville Jaguars face the San Francisco 49ers on Oct. 27. It is the first of four games over four seasons in London for the Jaguars, raising the prospect of the Florida team one day uprooting to London, where owner Shad Khan bought Premier League club Fulham in July. The two 2013 games sold out within hours, which Maslin said is a sign of the rising popularity of the NFL in Britain. Sunday’s game matches a pair of 0-3 clubs. The “core fan base” in the U.K.

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A link has been sent to your friend’s email address. 19 To find out more about Facebook commenting please read the Conversation Guidelines and FAQs JPMorgan fined $920 million for ‘London whale’ Kevin McCoy, USA TODAY 5:24 p.m. EDT September 19, 2013 Bank seeks to put 2012 embarrassment behind it by reaching settlements with four regulators at once. People in lobby of JPMorgan Chase’s New York City headquarters in 2012 file photo (Photo: Mark Lenihan, AP) Bank lost $6.2 billion on failed London whale trading strategy JPMorgan admits violating securities laws, having inadequate accounting controls Criminal investigation and CFTC civil probe continuing SHARE 361 CONNECT 89 TWEET 19 COMMENTEMAILMORE JPMorgan Chase admitted wrongdoing and was fined roughly $920 million Thursday for its “London whale” trading debacle as the U.S.-based global bank settled investigations by four oversight agencies. The settlements stopped short of assessing blame against any top executives at the nation’s largest bank and JPMorgan still faces at least two continuing investigations. The rare admission of fault and one of the largest bank fines in history focus on an early 2012 episode in which the bank’s London-based traders amassed large and risky investment positions in an effort to avoid losses in a credit portfolio. The positions were so big they drew attention from other firms’ traders, who dubbed Bruno Iksil, the chief JPMorgan trader involved, “the London whale.” The bank initially asserted that the trades, which ultimately racked up an estimated $6.2 billion in losses, had been a hedge against risk. But the strategy instead morphed into proprietary trading for the bank’s benefit partly funded with federally insured deposits. In trying to move past the incident, JPMorgan publicly acknowledged that it had violated federal securities laws and conceded that the losses occurred against a backdrop of deficient accounting controls. The bank also acknowledged that senior management knew that London traders were using a valuation system designed to minimize the size of the losses. JPMorgan failed to keep watch over its traders as they overvalued a very complex portfolio to hide massive losses. SEC official George Canellos The settlements require improvements in internal oversight by the bank’s board of directors, steps to remedy “unsafe and unsound” banking practices, plus upgraded audit functions.