WALL STREET - The Gambling Addicts at JP Morgan

COMMENT:  Big money begs big crime.  Also, "complex" is a way to hide what is actually being done, and includes that credit card or mortgage agreement you signed last month.

"JP Morgan Inquiry Stays Open After Ex-Traders Charged for Massive Loss Cover-up" PBS Newshour 8/14/2013

Excerpt

JUDY WOODRUFF (Newshour):  And we turn to the government's probe of financial giant J.P. Morgan, and specifically two former employees charged today with covering up huge losses.

The case is tied to more than $6 billion in trading losses early last year.  A team at the bank made big bets known as derivatives against the credit health of some companies.  The bets were wrong and losses spiraled out of control.  It tarnished the bank's reputation and it raised questions about Wall Street's behavior in the wake of the financial crisis.

Prosecutors said that Javier Martin-Artajo, who oversaw trading at the bank's investment office in London, tried to falsify just how big the problems were.  He was charged with several criminal counts, as was Julien Grout, a trader who used what prosecutors call complex financial derivatives.