Winters Tells PBS Banks Misled Cities Such as Cassino on Swaps
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Bill Winters, the former co-chief executive officer of JPMorgan Chase & Co.’s investment bank, said banks misled municipal officials into buying derivatives they didn’t understand.
Asked in an interview on PBS Frontline’s “Money, Power and Wall Street” if he held banks responsible for leading less sophisticated investors such as the Italian city of Cassino down the wrong path, he concurred.