Josh Rosner has done a yeoman’s job looking closely at JPM’s finances, regulatory violations, and trading losses. I found much of what he wrote surprising.

In particular, I was surprised to learn that JPM:

-Had many similar anti money laundering laws violations as HSBC;
-Failed to Segregated Accounts ala MF Global
-Engaged in Risky trading behavior that cost them over $8B
-Demanded that the FDIC cover WAMU’s losses despite their purchase of them;
-Paid more than $8.5 billion in regulatory and legal settlements –almost 12% of 2009-12 net income!

Prior installments are here:

Intro ^[1] Poor Risk Controls

part 2 ^[2]: JPM wants FDIC (read taxpayer)to cover WaMu’s mortgage losses

part 3 ^[3] Segregated Accounts

part 4 ^[4] London Whale

part 5 (tonite)

Complete Report PDF (Friday am)