J.P. Morgan: An Anatomy of Corporate Publicness
28 Pages Posted: 7 Jun 2014
Date Written: May 1, 2014
Though corporations are private actors, their choices, statements, and strategies do not occur in a vacuum — they are subject to public scrutiny. In spite of a desire to control a particular conversation, companies often fail to properly consider, and account for, the vetting and reframing process that occurs once the conversation becomes public. This failure can lead to a spiral of publicness, subjecting the private actor and its decisions to increasing public scrutiny.
Through the lens of my previously developed theory of publicness, this essay explores the aftermath of the “London Whale” at J.P. Morgan. I argue that the Company’s handling of the Whale losses and ensuing events were not only caused by publicness but also resulted in publicness.
Keywords: securities regulation, disclosure, publicness, board of directors, shareholder vote, J.P. Morgan, London Whale
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