More JP Morgan Whitewash « naked capitalism
Via e-mail, some updates from Michael Crimmins, a bank compliance expert
and member of Occupy the SEC, on the continuing failure of the media to
portray the real significance of the JP Morgan
London Whale losses: that it revealed glaring deficiencies in internal
controls that warrant prosecution of Jamie Dimon under Sarbanes Oxley
(SOX). This section of a July post by Crimmins
explains why the London Whale control failures are serious. JP Morgan’s
kid gloves treatment by the press shows it pays to be a major
advertiser:
20% of earnings from loan loss reserve reduction. Enuff said.
No comments:
Post a Comment