JPMorgan's "London Whale" was prodded to boost valuations - WSJ

Source: Reuters

(Reuters) - JPMorgan Chase concluded that a trader nicknamed "London whale" was urged by his boss to put higher values on some positions than they might have fetched in the open market at the time, the Wall Street Journal said, citing people familiar with the probe.

JPMorgan's conclusion is based on a series of emails and voice communications in late March and April, as losses on trader Bruno Iksil's bullish credit-market bet mounted, the Journal said.

The bank believes emails and voice communications show the executive, Javier Martin-Artajo, pushing Iksil to adjust trade prices higher, the Journal said, citing people close to the bank's investigation.

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A source told Reuters last month that Iksil has left the bank. Achilles Macris, head of the chief investment office in Europe where the losses occurred, and Martin-Artajo have also departed, reports said.

Read more: http://uk.reuters.com/article/2012/08/03/uk-jpmorgan-londonwhale-idUKBRE87206X20120803