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March 15, 2013

Report Faults JPMorgan for Misleading Public, Regulators While Losing Billions 
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A new U.S. Senate report accuses JPMorgan Chase of misleading the
public, manipulating documents and ignoring warnings from within its own
ranks as it accumulated losses of more than $6 billion. Michigan Senator
Carl Levin, who heads the Senate Subcommittee on Investigations, called
the bank's trading strategy a "runaway train that barreled through every
risk warning." The report faults CEO Jamie Dimon, saying he withheld
information from federal regulators. In fact, the report says, bank
executives bullied and derided regulators, calling them "stupid." Former
and current bank executives are expected to testify before the
subcommittee today, but Jamie Dimon will not be among them.

 

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