On April 13, 2012, JPMorgan Chase (JPM) Chief Financial Officer Douglas Braunstein took part in a conference call to discuss the bank’s first quarter 2012 earnings. Coming just a week after media reports first questioned the risks taken by JPM derivatives trader Bruno Iksil, Braunstein made a series of assertions about the trades. On May 10, JPM finalized its first quarter financial results, which included some disclosures regarding Iksil’s trading that were substantially different from Braunstein’s statements of April 13. At issue is whether the regulatory filings on April 13 and May 10, as well as verbal comments by Braunstein and Chief Executive Officer Jamie Dimon on those dates, were potentially misleading to investors and thus violated relevant securities laws enforced by the Securities and Exchange Commission.
Zeissler, Arwin G.; Girardi, Giulio; and Metrick, Andrew
"JPMorgan Chase London Whale F: Required Securities Disclosures,"
The Journal of Financial Crises: Vol. 1
Iss. 2, 116-131.
Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol1/iss2/7
Accounting Law Commons, Administrative Law Commons, Banking and Finance Law Commons, Business Administration, Management, and Operations Commons, Business Law, Public Responsibility, and Ethics Commons, Corporate Finance Commons, Finance and Financial Management Commons, Policy History, Theory, and Methods Commons, Work, Economy and Organizations Commons