The London Whale Walks Free

The Takeaway

Former JPMorgan Chase trader Bruno Iksil was known as “The London Whale” for his huge trades. But those trades often failed to pay off–last year, he tallied more than $6.2 billion in losses.
According to Reuters, on Wednesday federal prosecutors in Manhattan criminally charged two former JPMorgan Chase employees with wire fraud and a conspiracy to falsify books and records related to the bank’s $6.2 billion trading losses last year.  
But Iksil won’t be facing any charges for his role in JPMorgan’s questionable and disastrous bets because he’s agreed to testify against his former colleagues. The London Whale is cooperating with the Federal Bureau of Investigation, the Manhattan U.S. Attorney’s Office and the Department of Justice who will be treating him as an informant, not a criminal.
Heidi Moore, The Guardian’s U.S. finance and economics editor, explains.
Stay up to date with The Takeaway–become a Facebook fan & follow us on Twitter!

Invest in independent global news

The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!