Highlights of JPMorgan Chase e-mails
Highlights of e-mails, phone transcripts and other internal bank information from a Senate investigation of JPMorgan Chase's disastrous "London Whale" derivatives trading that lost the nation's largest bank at least $6.2 billion:
"I am going to be hauled over the coals. … [Y]ou don't lose 500 M[illion] without consequences."
— March 23, 2012, instant message from London-based bank trader Bruno Iksil after a day of heavy trading losses.
"I can't hold on anymore to this thing." … "I don't know where he wants to stop ...but it's becoming idiotic ... [N]ow it's worse than before … there's nothing that can be done, absolutely nothing that can be done, there's no hope ... The
book continues to grow, more and more monstrous."
— Transcript of March 16, 2012, phone conversation in which Iksil spoke to bank colleague Julien Grout about the growing size of the disastrous strategy.
"[T]he only one I see is to stay as we are and let the book simply die ...."
— January 30, 2012, e-mail from iksil to seeking guidance from supervisor Javier Martin-Artajo about continuing losses and poor liquidity in the credit market.
"Ina is freaking – really! Call me."
— March 22, 2012, e-mail from Irvin Goldman to fellow bank risk manager Peter Weiland, referring to then-Chief Investment Officer Ina Drew's concern over the growing size of the risky trading positions.
A "make believe voodoo magic 'composite hedge.'"
— May 18, 2012, e-mail in which Elwyn Wong, an Office of the Comptroller of the Currency examiner, expressed skepticism about the bank's claim that the trading strategy was a hedge against risk.