We don't need no stinkin badges

The JPMorgan saga continues.  The Senate report reveals more instances of the belief by JPM that it was the boss and the regulators could stand in the corner and watch. Here are some examples.

Jamie seems to have a selective memory.  He told the Senate that he was unaware of much to do with the London Whale.  Yet, he was aware enough to approve changes in risk management that allowed matters to eventually explode.  He also decided that the regulators did not need to know that JP was losing money on a daily basis.  At one point in 2012 JP stopped providing profit and loss reports to the comptroller’s office. as Jamie thought “it was too much information to provide.”

JP didn't mind lying to the regulators.  In January 2012 it said it intended to reduce the size of the Whale trading bet. Instead, the bank increased the positions.  Nor did it feel it should supply requested information as such a request was considered “unnecessary and intrusive.” JP described "high risk trading as hedging,”; under this description illegal became legal.