Feds Let Whale Off the Hook, Settle for Minnows Instead

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Good news! We’re getting criminal charges in the “London Whale” case:

Prosecutors are expected to charge Javier Martin-Artajo, a Spaniard who led the team that made the disastrous trades, and Julien Grout, a Frenchman responsible for recording and distributing daily values on the group’s positions. They don’t, however, plan to bring charges against Bruno Iksil, who made the wagers that earned him the nickname, according to a person close to the situation.

Wait. What? The actual whale himself is getting off scot-free? Only his underlings are facing trial? Yep. Turns out that Iksil has agreed to rat out his former colleagues, and in return the feds have agreed not to charge him.

That’s just weird. I’ve heard of going easy on the small fry in order to get the goods on a bigger fish, but I’ve never heard of letting the ringleader skate in order to get the goods on the small fry. Welcome to Wall Street.

CORRECTION: Martin-Artajo was Iksil’s boss. Only Grout was an underling. Apologies for the error.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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