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Wednesday, February 12, 2014
The 'London Whale' scandal might not be over
I thought the 'London Whale' scandal related to derivative credit default swaps losses had been closed last year, but it seems that there is allegedly more to come out, possibly to do with commodities trades made by the bank. I can't find much about this recent development yet. I have been following this story about the banker deaths, now totaling five and also a missing reporter. This just gets more and more curious as it unfolds. It has all of the international intrigue of a best seller. I will post more on the weekend about it if there is anything new. The more the investigation goes on, the more convoluted it has become. It appears to involve only JP Morgan and Deutsche Bank at this stage. The trading scandal has already cost JPM billions in losses and fines. I wonder if this recent development has something to do with a possible default on the COMEX, as there has been speculation about for quite some time. If so, it's gold price to the moon time.
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