Operational errors in bank's VaR model helped hide losses

A JPMorgan Chase management task force has released a report showing that errors in the bank's value-at-risk model helped conceal losses from a synthetic-credit portfolio. The bank lost more than $6 billion off the portfolio, which comprised illiquid credit default swaps index trades.


This news summary appeared in ISDA dailyLead on 01/17/2013
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