JPMorgan bet against its "London Whale," sources say

01/29/2013 | Reuters

Three people familiar with JPMorgan Chase's "London Whale" trading debacle, which cost the bank $6.2 billion, say there's a new twist to the fiasco: Some traders within JPMorgan actually bet against the very derivative positions placed by the company's own chief investment office. The U.S. Senate Permanent Committee on Investigations is examining how different units of the same bank wound up on opposite sides of the same trade. The panel is expected to release a report on its probe within a few weeks.

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