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Thanks to cooperation from Bruno Iksil, a.k.a. the London Whale, the Justice Department's charged two people for allegedly hiding the size of JPMorgan's $6 billion trading loss.
JPMorgan executives testified to the Senate on the company's estimated $6.3 billion loss related to risky trades and a banker known as the London Whale.
JPMorgan Chase CEO Jamie Dimon spoke this morning about the company's solid quarterly earnings, but all the attention is on the massive $4.4 billion trading loss -- twice what they first thought -- and how the company will sort out the implications.
A financial trader known as the "London Whale" is making a splash on Wall Street, taking a huge bet worth possibly tens of billions of dollars on corporate credit default swaps.