``Someone in another part of JPMorgan even spotted an error in the CIO's VaR calculation. For the person in question to take the time to identify the mistake, the VaR number must have looked badly off-kilter. Yet CIO managers dismissed it as a one-off. At best, the CIO's systems last year look alarmingly amateurish. At worst, the managers didn't understand or care much about the risks. Either way, these problems provide definitive talking points for regulators examining other companies.''

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