Gothamist
A non-profit newsroom, powered by WNYC.
Gothamist
Listen Live
News
Two JPMorgan Scapegoats Are Thrown Into The Fire
By
Christopher Robbins
Published Aug 14, 2013
Modified Aug 14, 2013
Share
FacebookTwitterRedditEmail
Never miss a story
Email address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .
By
Christopher Robbins
Published Aug 14, 2013
Modified Aug 14, 2013
Share
FacebookTwitterRedditEmail
We rely on your support to make local news available to all
Make your contribution now and help Gothamist thrive in 2026. Donate today
Gothamist is funded by sponsors and member donations
Two former JPMorgan Chase employees have been charged by the federal government with criminal wire fraud, falsifying bank records, and contributing to false regulatory claims with regard to the bank's $6 billion loss last year. According to criminal complaints, Javier Martin-Artajo and Julien Grout "artificially increased" the values of their derivative-heavy wagers "in order to hide the true extent of hundreds of millions of dollars of losses."
The name most associated with the colossal fuck up is "The London Whale," a.k.a. London trader Bruno Iskil, who ended up cooperating with the government with charges against Martin-Artajo and Grout. Martin-Artajo was Iskil and Grout's boss, overseeing the two "low-level traders" and allegedly ensuring that they recorded losses that were tens of millions of dollars lower than they actually were. Iskil won't face criminal charges because he's testifying against his former colleagues.
Scapegoats like these two, and former Goldman Sachs employee Fabrice Tourre, make for fun perp walk spectacles but seem to be pointless targets for prosecution. Numerous reports have detailed JP Morgan's "increased appetite" for risky trades that went all the way to the "upper echelons" of the company. If you think these prosecutions will do anything to curb the culture of impunity on Wall Street, Jeffrey Sachs has a bridge to sell you.
Tagged
fbi
jp morgan
london whale
scapegoats
wall street
Christopher Robbins
Christopher Robbins is a New York City reporter covering transportation, affordable housing, local politics, and criminal justice. His work has also appeared in New York Magazine, The Village Voice and The New York Times. Chris is a graduate of Patrick Henry High School in Roanoke, Virginia, and enjoys biking to Fort Tilden in the summertime.
Read more
Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
MORE news
Brooklyn's Hakeem Jeffries is poised to lead a Democratic House. Will his party follow?
The likely House Speaker has trouble uniting Dems in NYC. Can he do it nationally?
By
Brigid Bergin
Published Nov 4, 2026 at 8:21 a.m. ET
Trump urged voters to pretend he’s on the ballot. In NY and NJ they listened.
Democrats relentlessly linked their GOP opponents to the Republican president.
By
Jon Campbell
,
Elizabeth Kim
and
Walter Wuthmann
News
Trump urged voters to pretend he’s on the ballot. In NY and NJ they listened.
Democrats relentlessly linked their GOP opponents to the Republican president.
By
Jon Campbell
,
Elizabeth Kim
and
Walter Wuthmann
Even in defeat, a reclusive NJ Republican remained secluded to the last vote
By
David Brand
Republican Jeff Van Drew concedes NJ congressional seat in surprise victory for Democrats
By
Mike Hayes
and
Karen Yi
NYC voters approve outdoor dining, bike lane ballot measures
By
Giulia Heyward
Never miss a story
Catch up on the most important headlines with a roundup of essential NYC stories, delivered to your inbox daily.
Sign upEmail address
By submitting your information, you're agreeing to receive communications from New York Public Radio in accordance with our Terms .