Figures in ‘London Whale’ Trading Case Escape the Authorities’ Nets
The case of the London Whale shows how difficult that can be. Far from being the rogue trader portrayed in early news coverage, Mr. Iksil emerges in government documents and interviews with people familiar with much of the evidence as a conflicted figure on the trading floor, troubled by conscience even as he tried to please his bosses. They pushed him to undertake the risky derivatives trading that proved his undoing and caused the great losses. Then, as the losses mounted, he repeatedly warned his colleagues that they should be more forthcoming about their extent, to no avail.
.. Added Jonathan R. Barr, another BakerHostetler partner, “He was never a rogue trader. The trading strategy was approved and directed by higher-ups. Making him the face of this scandal was very unfair.”