Congress slams JPMorgan Chase for allegedly lying, hiding losses

Executives at the largest U.S. bank, including chief executive Jamie Dimon, knew about the losses, hid them and downplayed them as JPMorgan Chase withheld critical information about the trades from its main regulator, the Senate Permanent Subcommittee on Investigations said Thursday.

Its report also blamed regulators for not providing enough oversight and allowing the New York-based bank to take on so much risk in synthetic credit securities, which are derivative investments tied to credit performance.

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