Reflecting concerns about the estimates, Mr. Grout kept a spreadsheet that tracked the difference between his valuations and the midpoint.
For five days in March, Mr. Grout also kept a spreadsheet that tracked the difference between his valuations and the midpoint.
On March 16, Mr. Iksil told Mr. Martin-Artajo via instant message that the "divergence" between the midpoint and the bank's valuations "has increased to 300 now," meaning $300 million.
Driving home the idea that traders were "pressured" to diminish losses on their trades, Mr. Levin refers to a junior trader in London, Julien Grout, who, at one point, kept a spreadsheet that tracked the difference between his valuations and the midpoint.
A month later, 5 of the 18 valuation measures deviated from the midpoint.
For example, in January 2012, the portfolio valuations hewed closely to the midpoint on all but 2 of the 18 measures, the Senate investigators found.
Among the details: In mid-March last year, a low-level trader started tracking on a spreadsheet the difference between the bank's favorable valuations of derivatives and the midpoint prices, enabling the traders to hide losses, according to the report.
Using a $16 midpoint, this pricing gives the company a proposed valuation of just under $3 billion.
In mid-March, a low-level trader, Julien Grout, who worked for Mr. Iksil and was responsible for marking the trading book, started tracking on a spreadsheet the difference between the bank's favorable valuations on the derivatives and the midpoint prices.
At a midpoint price, Eventbrite will raise $200 million at a $1.8 billion valuation.
