J.P.Morgan dealers went on 'trading spree' to cover Whale loss

J.P. Morgan executives tried to conceal data from US regulators that revealed just how large its ‘London Whale' trading losses were, according to the US Senate.

In the first major probe into the losses, the Senate claims the trades “barrelled through every risk barrier"  and that data was omitted in reports to the US regulator.   Head of the Senate Permanent Subcommittee on Investigations that produced the report, Carl Levin said: "Values [on trading books] were manipulated to hide losses; risk limits were ignored; the public was misinformed and oversight was dodged." According to the 307-page report, in January last year executives from the chief investment office told its regulator, the Office of the Comptroller of the Currency (OCC)...