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London Whale Trades exposes folly of Regulations

Would Better Regulations Have Prevented the London Whale Trades? : The New Yorker: "....But JPMorgan seems to have violated pre-Dodd-Frank laws by failing to properly disclose the London Whale trades, and the government’s failure to detect them resulted more from institutional shortcomings than from inadequate rules. JPMorgan was supposed to be an expert in risk management with a “fortress balance sheet,” as the bank put it. If the London Whale was able to swim undetected there, one has to wonder what problems are lurking in other financial institutions and whether—new rules or no—our government is up to the task of protecting the public interest."

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