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Congress slams JPMorgan Chase for allegedly lying, hiding lossesWASHINGTON, dpa WASHINGTON -- JPMorgan Chase & Co. ignored its own internal controls and misled investors and regulators to engage in high-risk derivatives trading, leading to US$6.2 billion in losses last year, a U.S. congressional investigation found.
March 16, 2013, 12:06 am TWN 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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