NYTimes.com Deal Book’s Mark Scott writes today regulators have actually been looking into JPMorgan’s “London Whale” trades for at least a month, citing people with direct knowledge of the inquiry.
According to Scott, it appears to have taken the various media reports that emerged about the trades, which took massive positions in corporate credit as a hedging tactic, for the bank to inform the Fed and Britain’s Financial Services Authority of the desk’s problems.
“Since then, regulators have asked for more information about the JPMorgan group, the so-called chief investment office. As the losses started to surface, the bank again reached out to regulators in the week prior to the bank’s official announcement, one of the people said.”
Wonder what it feels like to keep that secret…