The huge trading losses suffered by JP Morgan last year—and the cover-up of those losses—stand as just one example of that giant bank's long record of excess, criminality, and deception.
And when you think of who should be held accountable for the London Whale fiasco, one name comes to mind. It's a name that should be on the lips of every regulator and ordinary citizen who wants justice for years of financial malfeasance by JP Morgan.
That name: Julien Grout.
Oh, wait: You say you've never heard of Grout? You're not in the loop about this kingpin of Wall Street skullduggery?
Well, obviously you've been living in a cave somewhere and aren't familiar with the masters of the universe who brought down our economy and hoodwinked millions of Americans into subprime loans -- much less with the specifics of JP Morgan's multi-billion losses after outsized risk-taking.
Let me tell you about Grout. Sure, he was a low-level trader deep inside JP Morgan's vast trading apparatus -- with duties like plugging in data and executing trades. And sure, he didn't actually make any decisions on his own. And sure, he apparently raised the alarm about some of the trading positions being take by the bank.
But if the U.S. Justice Department gets its way, Grout may be one of only two JP Morgan employees -- along with his boss, Martin-Artajo -- to be criminally charged in relation to the London Whale disaster. In fact, he may be one of only two people charged for any of the misdeeds by JP Morgan revealed over recent years -- most of which have resulted in civil settlements.
I'm glad justice is truly being served.