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The "Fail-Whale" Fallout Begins: Three JPM Execs To Leave Prop-Trading, Pardon, Hedging Bank
In a development that would make Dostoevsky turn in his grave, we learn that the first three casualites of Fail-Whalegate have been identified.
From the WSJ:
Three high-ranking officers are expected to leave J.P. Morgan Chase & Co. this week, said people familiar with the situation, in the latest fallout from a trading blunder that has cost the bank at least $2 billion.
Those leaving are Ina Drew, who since 2005 has run the risk-management unit that is responsible for the losses; Achilles Macris, who is in charge of the London-based desk that placed the trades; and trader Javier Martin-Artajo, a managing director on Mr. Macris’ team, the people said.
Ms. Drew has offered to resign multiple times and that request will likely be accepted this week, these people said. She is expected to leave as soon as Monday, the people said.
Trader Bruno Michel Iksil, nicknamed the "London Whale" for the big positions he took in credit markets on behalf of the risk-management unit called the chief investment office, is likely to depart as well, but it isn't yet clear when that will happen, said people familiar with the situation. Mr. Macris, Mr. Martin-Artajo and Mr. Iksil have all been stripped of trading responsibilities, added one of these people. All four executives declined comment through the company.
Ms. Drew initially tried to downplay the issues when the positions came to light in April, said people familiar with the situation, but once the scope of the losses became apparent she offered to resign, said people familiar with the situation.
Of course, if these three individuals had made money, instead of losing it, they would have received multi-million dollar bonuses and gotten promoted to positions of even greater (ir)responsibility, resulting in even greater potential future losses, and likely taxpayer bailouts.
Thank you Chairsatan put.
And a little more on Ina Drew, again from WSJ:
Meet Ina R. Drew, the Chief Investment Officer at J.P. Morgan whose unit has suddenly found itself in a spotlight most wouldn’t envy.
The 55-year-old executive has been running the CIO since 2005, and been a long-time sidekick of CEO Jamie Dimon. She is currently a member of his closest circle of advisers, the operating committee.
She is also among the highest paid executives at the bank, making $15.5 million in 2011 and over $15.9 million in 2010. Both numbers would have put her among the top earning executives, behind only Dimon and Investment Bank head Jes Staley last year, according to a proxy filing.
Fortune ranked her No. 8 on last year’s 25-highest paid women list. Across Wall Street, she is among the highest ranking females. And at J.P. Morgan, she is among the last top females at the bank, along with the head of asset management Mary Erdoes, after former top aide Heidi Miller departed.
In J.P. Morgan’s proxy filing this year, the compensation discussion says she “successfully accomplished her business and people agenda objectives for 2011 by creating shareholder value through risk management activities across a broad array of market sectors and currencies with the help of a very knowledgeable leadership team that Ms. Drew has developed over a long career in various locations around the globe.”
[Ina Drew] “loves crises” a fitting profile that is worth remembering today:
Her eyes light up at the mention of last summer’s European currency free-for-all and she breaks into a grin when talking about the 1987 stock market crash.
“Crises make markets volatile, increase the flow of funds and provide us with more information,” she says.
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Ina Drew loves crises, huh? Smiles at the mention of 1987, huh? She must be smiling a motherfucker right now.
She smiles at all the people she screwed to get rich during crises
Now it's her turn Karma is a biatch
I heard Ina Drew and John Corzine are going to open a new prop trading firm.
whos pecker was she sucking on?
It sure the fuck wasn't yours, Skippy!
You dumbasses just don't get it. THIS IS BERNANKE'S REPLACEMENT IN TRAINING !!!! Even more incompetent, and ready to print JP Morgan back in black, baybee. We are all saved ! Fucking A dudes, we are saved - floating away in our fiat paper palace............ Unless you are a metals collector, in which case, you are still a down to earth kinda person.
$15M to look the other way and jump on the "sword" on command.
"We've already established what you are, now we're just haggling for price."
And they will be promptly hired wherever most of the 2 billion gain occurred!
More than 100 posts, and just two mentions of Achilles Macris, and none about Javier Martin-Artajo. These guys must be handsome studs, and above criticism.
Did a google search on Achilles Macris, not sure his picture came up.
There was a picture of a sweet babe with a nice rack...not a complete waste of time.
If this was happening in Japan or South Korea they'd be jumping of buildings or twisting short tanto blades instead of cashing in on golden parachutes. These ass clowns lose nothing.
Nothing to lose..?? They have been paid in excess of $50MM in the past 5 to 10 years to facilitate this criminal activity....by....Jamie and his "busom" buddies at the Fed.
Got clawbacks ??
Ahhhhh, Chem Bank. The corner of 53rd and 6th. Ina, remember the little black polished stones out front w the plantings.
Extra Points if you stil have some of Moon Dog's poetry.
She's lucky she has been on the right side of the trade for so long
Just imagine if she was on the wrong side of the trade and the market was like 2008?
We would see her face on one of those ugly painitngs in Time Square next to Dick Fuld
It's easy to grin when you use other peoples money isn't it darling? And by the way, who names their kid Achilles?
http://vegasxau.blogspot.com
I don't care what these former JPM employees look like, they have done more to take down JPM than any of us ever could.
Break these companies into little pieces and force them to compete.
Aint gunna happen though, so just keep buying physical silver until everything resets.
Would you give a crap if you made around $10m a year for 7 years and then got fired? I would take it.
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Douchbag.
Douchbag.
Yet another example for the need for vesting bonuses.
[quote] “Crises make markets volatile, increase the flow of funds and provide us with more information,” she says. [/quote]
Hmm, like which playas have been swimmin' with no suit...
This little piggy should be slautered and her fat ass to be used for feeding livestock. all of the piggy's money should be confiiscated and sent to the 99% that she ripped off. are we ever going to wake up and start doing something? let's take a few lessons from the middle ages, how about drawing and quartering for these assholes? ( of course it would probably kill the horses to quarter this fat ass)
Livestock shouldn´t eat each other. In the long term it causes mad trader disease.
Looking at the photo of Ina Drew makes me wonder why Iksil is called the whale....
Ina Drew is infact the London Whale. The London whale is "the one who shall not be named". Ina is a man baby.
http://www.youtube.com/watch?v=ekbC9Xgd9jY