As the bet soured, the bank ignored and then adjusted its internal risk alarms.
The JPMorgan chief disclosed on Wednesday for the first time that internal risk alarms were set off in March.
One regulator wrote in a May 2012 e-mail that the position was a "make believe voodoo magic 'composite hedge.' " As the traders in London assembled increasingly complex bets, JPMorgan ignored its own risk alarms, according to investigators.
Still, on Wednesday no one was taking any chances; better to risk alarming the general population by responding urgently and forcefully with officials in hazmat gear than prompt fresh doubts about the competence of authorities by downplaying the drama, acting slowly and not wearing any protective clothes at all.
He also disclosed for the first time that the positions, which have since caused at least $3 billion in losses, set off the bank's own internal risk alarms in March, weeks before Mr. Dimon publicly played down the threat on a conference call with analysts.
The "risk society" has developed over the last few decades with an increasing frequency of health scares and food risk alarms [ 26].
The budget, in its deeply conservative framework, risks alarming some of the president's supporters.
Because of the high level of Japan's public debt, at over 240% of GDP, Mr Abe risks alarming the bond market if he continues to shirk the task of narrowing the gap between public revenues and expenditures.
But a shift either to a more assertive policy, or towards a more inward-looking position, risks alarming one ally or another.Trade is another international concern, especially among poorer countries.
Rather than risking alarming the markets and the business community, Obama made a series of concessions to the Republicans, including agreeing to raise the income threshold at which higher rates would kick in, from $250,000 to $400,000, and volunteering a covert cut in Social Security benefits in the form of change in the way the rate of inflation is calculated.
