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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REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

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