‘London Whale’ Isn’t Dead Yet: JPMorgan Is Out of Control, Rosner Says

On Friday, a Senate subcommittee will hold a hearing to discuss its findings on JPMorgan’s infamous “London Whale” trade. To many on Wall Street, the Senate is “beating a dead whale,” as former Bank of America executive Sally Krawcheck told Bloomberg.

But “this isn’t about the [London Whale] trade. This is about a breakdown of oversight and internal controls,” counters Josh Rosner, managing director at Graham Fisher and co-author of Reckless Endangerment. “And internal control problems [and] lack of oversight can turn into massive losses to shareholders.”