JP Morgan manipulated VAR and CRM models at London whale unit - Senate report
Trading book capital measures were at heart of efforts to free up traders and reduce capital
As its credit derivatives portfolio mushroomed and losses mounted in JP Morgan's chief investment office (CIO) a year ago, the trader at the heart of the unit's bungled attempt to reduce risk-weighted assets (RWAs) lost hope of finding a way out.
"It's worse than before... there's nothing that can be done, absolutely nothing that can be done, there's no hope... The book continues to grow more and more monstrous," Bruno Iksil, head trader for the unit's synthetic credit portfolio (SCP), told a
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