Top Financial Scandals Of 2012

By SiliconIndia   |   Friday, December 14, 2012   |    3 Comments
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Bangalore: ‘Money and Scandals’ share a close relation with each other. Many banks that hold a huge chunk of money of the innocent public turn malicious and rob not only their money but also their financial goals. These banks are not a local and unknown financial institute; they are in fact most reputed banks who play with mine, yours and everyone’s money. Now, you must be curious to know which these banks are and the scandal they were involved in. Let’s have a look -  

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1. JP Morgan

The US bank JPMorgan, run by Jamie Dimon, received its fair share of negative press coverage in May 2012 with financial scandals revealing a shocking $2bn trading loss on complex investments made by its traders in the firm’s London-based Chief Investment Officer. JPMorgan’s trader Bruno Iksil, popularly called as the 'London Whale', is understood to have been the trader who took the risky bets that lead to the enormous losses. Dimon blamed "errors, sloppiness and bad judgments" for the losses and warned "it could get worse". Ina Drew, the Investment Officer of the firm, resigned soon after the losses were discovered.

Also Read: 8 Homeless People Who Turned Filthy Rich


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Reader's comments(3)
1: Barclays was i think so the worst
Posted by:Akshay Ghadi - 24 Dec, 2012
2: good idea

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