London Whale Prevents Tragic Miscarriage Of Justice

It turns out he was trying to put the wrong people in jail.
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It sure is a good thing that Javier Martin-Artajo and Julien Grout never got around to agreeing to be extradited to the U.S. to face those charges that they helped cover up all of those billions the London Whale was losing. Because if they had decided to get off the beach or stop looking for work to accept a free flight to JFK for a visit with Preet Bharara & co., it might have led said London Whale, Bruno Iksil, to perjure himself.

JamieWhale

Former trader Bruno Iksil, who was nicknamed the London Whale for his outsize bets, agreed in 2013 to testify against ex-coworkers Javier Martin-Artajo and Julien Grout for their alleged roles in hiding the losses.

But over the past year, Mr. Iksil changed his story….

Mr. Iksil’s shifting explanations about who was responsible helped to end the high-profile U.S. criminal case, the person said.

The Whale’s been doing some thinking in the four years since he so graciously accepted immunity from U.S. prosecution in return for helping put Martin-Artajo and Grout in prison. And some reading and writing, too. Among the reading he’s been doing is of the Senate Permanent Subcommittee on Investigation’s report on him, and he’s decided that it did a better job of telling his story than he had. That means, on whatever number though he’s on, it really wasn’t all Martin-Artajo and Grout’s fault; it was actually Jamie Dimon’s.

“I mostly inferred that Dimon and his close lieutenants were responsible much, much more than my two colleagues could ever be,” Mr. Iksil said in an email, his first comments since prosecutors requested the case be dropped on July 21….

Mr. Iksil never asserted that Mr. Dimon gave this initial order, but on his website, he cited a September 2010 public presentation from the CEO that predicted such reductions as a way of meeting new regulatory demands….

Mr. Iksil’s latest version of events aligns more closely with the Senate’s report. In his emailed comment, he says he looked through reports published by the Senate and J.P. Morgan in 2013 as well as details of an investigation into the matter by the U.K.’s Financial Conduct Authority.

‘London Whale’ Has a New Target: J.P. Morgan’s Top Brass [WSJ]

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London Whale Also Not Responsible For Those Last 10 Pounds You Haven't Lost

There are a lot of things that, if you wanted to, you could legitimately blame on former JP Morgan employee London P. Whale. The $6.2 billion trading loss the bank incurred over the summer. Ina Drew getting fired. This awkward phone call. Some stuff you can't pin on him, though many have tried: male pattern baldness, the bombing of Pearl Harbor, Apple Maps, Lehman Brothers' bankruptcy, tempting as it may be.