June 12 (Bloomberg) -- Bloomberg's Erik Schatzker and Stephanie Ruhle report that as traders racked up $2 billion in losses, JPMorgan CEO Jamie Dimon treated the CIO differently from other JPMorgan departments, exempting it from the rigorous scrutiny he applied to risk management in the investment bank, according to two people who have worked at the highest executive levels of the firm and have direct knowledge of the matter. They speak on Bloomberg Television's "Inside Track." (Source: Bloomberg)
Dimon treated the CIO differently from other JPMorgan departments, exempting it from the rigorous scrutiny he applied to risk management in the investment bank, according to two people who have worked at the highest executive levels of the firm and have direct knowledge of the matter. When some of his most senior advisers, including the heads of the investment bank, raised concerns about the lack of transparency and quality of internal controls in the CIO, Dimon brushed them off, said one of the people, who asked not to be identified because the discussions were private.
Lots of winning gamblers think they have special skills (and I don't mean poker where that's potentially true).