The “London Whale” is a nickname for a trader for JPMorgan Chase & Co.’s Chief Investment Office in London who was known for his enormous wagers on credit derivatives. The London Whale refers to allegations that certain people at the London office improperly valued those derivatives in an effort to hide the full extent of the bank’s losses from investors and regulators -- losses now estimated at $6 billion.
Back in 2003, baseball great Barry Bonds was given immunity from prosecution in exchange for his agreement to testify before a grand jury. The case came after a raid of a steroid manufacturer called the Bay Area Laboratory Co-Operative, or BALCO, by federal agents. Bonds was to testify about his knowledge of BALCO and a professional trainer the government said had provided steroids to Bonds and a number of other professional athletes.