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.

Share

This news summary appeared in ISDA dailyLead on 01/17/2013
Click here to view the full issue.


View the original article:
International Financing Review (free content)

Want to see more news summaries?
Sign up for ISDA dailyLead

ISDA dailyLead is a FREE, daily email newsletter that summarizes the day's top industry news from hundreds of sources. Each day, subscribers receive 8-10 headlines and news summaries like the one to the left
Sign up:
About SmartBrief
SmartBrief is the leading online publisher of targeted business news and information by industry. By combining technology and editorial expertise, SmartBrief filters thousands of sources daily to deliver the most relevant industry news in partnership with more than 180 trade associations, professional societies nonprofits and corporate entities