The LIBOR scandal and the fall of Barclays' CEO Bob Diamond dominated financial services coverage this week, while others chatter about disgraced MF Global CEO Jon Corzine, RIM's continued downward spiral and Goldman Sachs new universe.
July 06, 2012
2. Hubris
When a firm like J.P. Morgan survived the financial crisis without huge losses like others, the impetus to improve risk management wasn't as strong. That led to many levels of hubris, which led to this.
— A Chief Risk Officer at an asset management firm on JPMorgan's $2 billion hedge
Source: Advanced Trading: What Went Wrong With J.P. Morgan's $2 Billion Hedge?
