This really is quite something. One might even say a “trend” is occurring. Following the publication of a whistleblowing letter by an ex-Goldman Sachs employee in the New York Times, a second honest banker has emerged. He works at JPMorgan Chase, and wrote his letter to the US Commodity Futures Trading Commission.

Yesterday, we brought you the astonishing inside account of what it’s like to work at Goldman Sachs.

Today, we can tell you that it’s not much different over at JPMorgan Chase.

The JPMorgan employee, who chose to remain anonymous, writes:

Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators. I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people.

He goes on to say:

I call all honest and courageous JPMorgan employees to step up and fight the cronyism and wide-scale manipulation by reporting the truth. We are only helping reality come to light therefore allowing a real valuation of our banking industry which will give investors a chance to properly adjust without being totally wiped out.

I have heard through other colleagues that we have involvement in the hiding of client assets from MF Global. This is another fraudulent effort on our part and constitutes theft. I urge you to forward that part of the investigation on to the respective authorities.

JPMorgan’s chief executive, Jamie Dimon, upon hearing of the incident involving Goldman, used an internal memo to appeal to his employees not to do anything silly.

It’s probably safe to say that Dimon wasn’t aware of the anonymous letter at the time he hit the send button on his email.

Please enjoy this wonderful example of irony:

Investment bank JPMorgan Chase tried to contain damage to Wall Street’s reputation yesterday by telling staff not to try to profit from rival Goldman Sachs’ embarrassment over a vitriolic resignation letter published in the New York Times.

JPMorgan Chase chief executive Jamie Dimon warned employees in an internal memo: ‘I want to be clear that I don’t want anyone here to seek advantage from a competitor’s alleged issues or hearsay – ever. It’s not the way we do business.’

All of this brings new meaning to the terminology: “Cost to Company”.

This is probably how our boys have been feeling:

[Sorce: CFTC, IOL]

[Thanks Andrew F]