What's Next? 6 Views on the London Whale Indictments
Evading Risk Limits
"At a huge bank like J.P. Morgan, there are many layers of authority, and nobody knows everything that is going on. But the evidence that the Congressional committee turns up does illuminate the limits of the lone-trader story. And it also points to another theory of the case, which is that the bank's chief investment office, far from merely hedging risks taken elsewhere in the bank, actually functioned as something like an internal hedge fund, placing huge bets on the markets and evading risk limits with which traders elsewhere in the firm had to conform."
— John Cassidy, The New Yorker