JP Morgan's 'London whale' losses spark VAR debate

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The $2 billion trading loss announced by JP Morgan Chase on May 10 has sparked debate about the role played by value-at-risk – with some experts casting VAR as an innocent bystander, while others see it more as a willing accomplice.

Today the loss prompted the bank to announce a reshuffle in which Ina Drew, head of the loss-making chief investment office (CIO) unit and a 30-year veteran of JP Morgan, leaves the firm. The bank is also carrying out its own investigation. A spokesman for JP Morgan

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