Whistleblower accuses JPMorgan Chase of violating cash reserve rules meant to protect the financial system

Whistleblower accuses JPMorgan Chase of violating cash reserve rules meant to protect the financial system

JPMorgan Chase for years understated the risk it posed to the financial system, according to a whistleblower who claimed that America’s largest bank made billions of dollars by violating rules established to protect the global economy from crisis. In a 35-page letter sent to JPMorgan Chase’s board audit committee, the whistleblower, a former JPMorgan Chase banker, alleged the firm “misrepresented” several indicators used to assess its complexity…