Whale Hunting Isn't Fed's Job
A government auditor has criticized the Federal Reserve for failing to prevent the 2012 "London Whale" fiasco at JPMorgan Chase & Co -- a series of bad trades that ended up costing the bank more than $6 billion. The audit may be right on the facts, but the premise is questionable. Regulators can't be expected to stop banks from making bad decisions that cost them money.
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