land whale article
land whale article 111
Bunker Hill Community College
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This 2 page Class Notes was uploaded by Jennifer bonilla on Monday September 19, 2016. The Class Notes belongs to 111 at Bunker Hill Community College taught by nancy whittenetti in Spring 2016. Since its upload, it has received 4 views. For similar materials see principles of management in Busniess at Bunker Hill Community College.
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Date Created: 09/19/16
runo Iksil, the so-called London Whale, was charged with managing over the loss of $6.2 BILLION at J.P. Morgan Chase & Co. in 2012. Where does it end? Who is responsible for these staggering loses? Where were the checks on trading accounts? Where was Iksil's manager? What were this employee's ethics, if any? Is the high-risk culture of big banks to blame? Are these banks too big to fail and too big to regulate? These questions are conversation starters - answer these questions or raise your own points! (Graded: Write an initial position addressing the topic, then respond to at least three other classmates' posts by Sunday at midnight.) Please note that discussion boards are closed Monday mornings, one week after they are assigned, and that there is NO opportunity to make up discussions. The London Whale article is mostly about Runo Iksil who made his company lose billions of dollars, and according to the article the bank admitted to violating security laws. The ones to blame I believe are Runo and Jamie Dimon, the bank’s chief executive who are suppose to manage the company and be the face of the company and instead they do this to it. The Checks on trading accounts were in Runo’s account and as for the managers, they were there but they conspired with these two since according to the article “whale himself, Bruno Iksil , nor any senior managers were charged “despite them committing security frauds by hiding the true extent of losses from bank management. Employee ethics was nowhere to be seen since the colleagues “doubled down after a loss with bigger and bigger bets. “The employees were also helping their bosses since they had been keeping records to minimize the projected sizes of the losses”, which then triggered this investigation. I Think that the high risk culture of the bank really is to blame because you have money and power working for such a bank but abusing your position and authority wasn’t the way to go. These banks are too big to fail and too big to regulate since they did lose $6.2 Billion, and a billion dollars is a lot of money. This article says that he says “it wasn’t my fault”. Management is to blame. http://www.cnbc.com/2016/02/23/former-jpmorgan-trader-says-london- whale-debacle-not-his-fault.html
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