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Report on the London Whale Trades

In July 2012, the U.S. Senate Permanent Subcommittee on Investigations initiated a bipartisan investigation into the trades. Over the course of the next nine months, the Subcommittee collected nearly 90,000 documents, reviewed and, in some cases transcribed, over 200 recorded telephone conversations and instant messaging exchanges, and conducted over 25 interviews of bank and regulatory agency personnel. The Subcommittee also received over 25 briefings from the bank and its regulators, including the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), and consulted with government and private sector experts in financial regulation, accounting practices, derivatives trading, and derivatives valuation. link <>

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