the bank needs to provide true, accurate, independent marks every day.
If you had known that, or if you had known that, Mr. Waterhouse, would that have affected you?
We identified serious risk management weaknesses throughout the entire Firm, and they became particularly evident in the CIO office.
What happened here is factually clear, and they acknowledge what happened here.
all I said is trades were made daily. That is a tactical implementation of a longer-term decision.
We had a $157 billion high-risk derivatives portfolio here that OCC hardly knew existed, and that strikes me as being a hidden financial ris...
But you knew that these trades were being made day-to-day.
It would not come on a routine basis.
Regulators did not 'get the information' on those positions on a regular basis, did they?
Now, in May 2012, after the media disclosure of the whale trades, the bank determined the new VaR model was not portraying the SCP's risk ac...
Everyone knows what is going on and there is little need for more limits, controls, or reports.