Authorities Plans to Arrest 2 Former JPMorgan Employees in London Whale Case

[millennialmax]

Source: New York Times

Government authorities are planning to arrest two former JPMorgan Chase employees suspected of masking the size of a multibillion-dollar trading loss, a dramatic turn in a case that tarnished the reputation of the nation’s biggest bank and spotlighted the perils of Wall Street risk-taking.

The arrests are expected to take place in London as soon as next week, according to people briefed on the matter. The action, the people said, would come on the heels of a federal grand jury voting to indict the employees on criminal fraud charges.

The employees — Javier Martin-Artajo, a manager who oversaw the trading strategy from London, and Julien Grout, a low-level trader responsible for recording the value of the soured bets — could ultimately be extradicted under an agreement with British authorities.

Representatives for the F.B.I. and the United States Attorney’s office in Manhattan declined to comment.

Read more: http://dealbook.nytimes.com/2013/08/09/authorities-set-to-arrest-2-former-jpmorgan-employees-in-london-whale-case/?smid=tw-bna&_r=0

[Orrex]

1. I expected them to arrest the night janitor and the parking attendant

Looks like I wasn't far off.

That'll teach those ivory tower scoundrels!

[BlueManFan]

2. Woo Hoo!!!! This Is No Doubt Going to Open The Floodgates

Surely the banksters are shivering in fear that Eric and Barack have turned the corner and these scoundrels are going to be held accountable. ROTFLMAO!!!! These banker thug assholes know they own the game.

[PoliticAverse]

3. They screwed a bank so there will be an arrest. n/t