The fallout from JPMorgan Chase’s incredible $2 billion trading loss is officially underway. Three high-ranking officials with direct connections to the bank’s high-cost trade blunder are reportedly resigning this week, including chief investment officer Ina Drew, who was one of the most powerful women on Wall Street.
The doomed trading was intended to protect the bank from financial risk, but things went south thanks to a soured bet on credit derivatives. Michael Greenberger, financial law professor at the University of Maryland School of Law and former regulator at the Commodity Futures Trading Commission joins the program.