We identified serious risk management weaknesses throughout the entire Firm, and they became particularly evident in the...
Yes, absolutely. And it is important for us as the regulator to know what the actual market is and be informed on a time...
We recommend that the OCC tell banks to use independent pricing services to remove the temptation from their own employe...
one of our recommendations in our report is that the OCC get banks to use independent pricing services
These regulatory capital requirements are one of the most important tools that we have to ensure the safety and soundnes...
Now, in May 2012, after the media disclosure of the whale trades, the bank determined the new VaR model was not portrayi...
But it is supposed to be at least once a year, isn't it?
So that was just a failure at the OCC.
And then you mean that you would see where the review led to, but your first reaction would be this is a troublesome ide...
Now, why should it be allowed on a one-time basis?
Why hide it?
Well, we have already covered some of the matters involving hidden financial risks, mismarking, breaches of risk limits,...
But you knew that these trades were being made day-to-day.
all I said is trades were made daily. That is a tactical implementation of a longer-term decision.
Everyone knows what is going on and there is little need for more limits, controls, or reports.
We had a $157 billion high-risk derivatives portfolio here that OCC hardly knew existed, and that strikes me as being a ...
Did you believe that they got information on these positions on a regular basis as part of your normalized reporting?
Should the OCC have been informed about that?
