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Www Homeequitymortgagepayment G Home Equity Mortgage Payment L Fast High Szh %E5%8D%97%E9%9D%9E Home Equity Mortgage Payment JPMorgan says investment chief Ina Drew out - May. 14, 2012
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Zames was formerly a senior trader at Long-Term Capital Management, the failed hedge fund that placed massive bets on the trajectory of interest rates and required a $3.6 billion bailout from the Federal Reserve in 1998.
"Nobody knows about the dangers of what's happening at JPMorgan more than Matt," said James Rickards, former general counsel at Long-Term Capital Management.
"My question for management is why didn't they enlist Matt earlier to look over Ina's shoulder," said Rickards, now a senior managing director at the merchant bank Tangent Capital Partners. "Matt would've seen this problem in a heartbeat because it's what happened at LTCM."
JPMorgan, the nation's largest bank by assets, also announced that Mike Cavanagh, its former chief financial officer, will lead a firm-wide operating committee that will coordinate the bank's response to the loss.
-- CNNMoney's Maureen Farrell contributed to this report.
First Published: May 14, 2012: 9:54 AM ET
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