Scroll for more of this story Filter London whale article Topic. With the financial crisis still fresh, global regulators circled. His mother was a chemist, and his father was an executive at a firm that sold machine parts.
Had quality spread curves twisted or worldwide economic distress been more pronounced the loss could have been much higher. The whale is thought to weigh about seven tonnes.
If the Fed pursues an enforcement action against him, Iksil says he will take the chance to be heard. He rails against the spotlight that was turned on him and refused to be photographed for this article.
Iksil says the case has been a strain. A big break But inthere was an opportunity to take his career to a higher level, when a friend of a friend at JP Morgan in London got in touch about a role in the equity derivatives proprietary trading desk. In an enforcement notice published inthe SEC said the mismarking began in March and continued until JP Morgan discovered the full extent of the losses in April that year.
Following that direction, the SCP team added to its positions, believing it could reverse its losses. That month, JP Morgan moved to dismantle the portfolio. It involved more than 1, people across the firm and outside law firm WilmerHale. It said JP Morgan executives brushed off internal warnings and misled regulators and investors about the scope of losses on trades.
Iksil declined to comment on the matter.
Looking to replicate life in rural France, Iksil and his family moved to Kings Langley, a town near the Chiltern Hills. Several traders active in the market between and say Iksil had a reputation for making skilled contrarian bets that often paid off during downturns.
December An improving economy lessens the need for credit protection. An earlier version of this story included a photo wrongly identified as Achilles Macris. Lund says Iksil liked to play down his gains. That means the Fed has until the end of this month to decide whether to press ahead with its case.
It was the chance to work at a top global investment bank in the financial capital of Europe. But, on January 11, he received a call from his New York lawyers that threatens to upend all that.
Criminal charges against Martin-Artajo and Grout have stalled as both have avoided extradition to the US. She feared it might be in danger from other boats, or be frightened by the noise.
A spokesman said three whales were spotted east of the Thames Barrier on Thursday but only one managed to get upstream. The Volcker rule is sometimes referred to as a modern Glass-Steagall firewall that separates core banking system from higher-risk, hedge fund-style proprietary trading.
Hedging the firm The role appealed. JP Morgan declined to comment.
The Senate report casts the blame widely. The company had been without a treasurer for five months during the time of the trades and had a relatively inexperienced executive in charge of risk management in the CIO.
A person familiar with the investigation says that US law blocks legal proceedings starting more than five years after an alleged wrongdoing has occurred and that the clock started ticking in this case in Marchwhen US authorities believe SCP traders began mismarking their books.
The truth has to be told.
Three years later, he moved again, to asset manager CDC Ixis to trade currencies and convertible, corporate and inflation-linked bonds. Iksil says senior executives within the CIO stressed that its purpose was to limit losses, not to generate big profits.
A former colleague says he and Iksil met regularly back then for pasta dinners at the budget Italian restaurant chain Spaghetti House. It was then, he says, that Macris first gave him orders to close down the synthetic credit book.
But his warnings gathered pace inhe says, when he was instructed to add to positions to prevent further losses. Today, Iksil is caught between opposing forces.
An SEC spokeswoman declined to comment. Scroll for more of this story Filter by Topic. Even if I have nothing to do with that, just because my name is stuck to that.
Iksil disputes the version of events put forward by JP Morgan and the Senate. The media smelled blood, too. A spokesman for the Fed declined to comment.A seven-tonne whale has made its way up the Thames to central London, where it is being watched by riverside crowds.
The ft (5m) northern bottle-nosed whale, which is usually found in deep sea waters, has been seen as far upstream as Chelsea. A rescue boat has been sent to protect the whale. Feb 23, · The trader known as the London Whale lost at least $ billion for JPMorgan Chase & Co.
in That’s a lot of money until you remember that it didn’t stop the bank from earning a record. The London Whale is a trader by the name of Bruno Iksil, 13 thoughts on “JPMorgan Chase and the London Whale: Understanding the Hedge That Wasn’t” Pingback: Irrational Exhuberance Redux?
Greenspan Says Stocks Are Cheap | What is investment. Feb 10, · A version of this article appears in print on, on Page B5 of the New York edition with the headline: Fine for Former Executive in ‘London Whale’ Case.
Order Reprints | Today’s Paper | Subscribe. Hedge funds and other investors have been puzzled by unusual movements in some global credit markets and buzzing about a deep-pocketed trader dubbed "the London whale. London Whale News.
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