QUOTATION OF THE DAY - NEW YORK TIMESDealBook New Fraud Inquiry as Trading Loss Mounts at JPMorgan By JESSICA SILVER-GREENBERG
"I wish I could say I'm shocked, because it is shocking. But regulators have not been particularly effective or aggressive in the past two decades of finance."
FRANK PARTNOY, a professor at the University of San Diego School of Law, on the failure of banking regulators to stop the manipulation of a benchmark interest rate.
JPMorgan Chase indicated that traders may have tried to conceal the extent of red ink in a soured credit bet that could lead to more than $7 billion in losses.