Although originally estimated at about $2 billion, the total losses from JPMorgan's botched trade in derivatives could — in a worst case scenario — reach upwards of $9 billion, according to the New York Times.
JPMorgan CEO Jamie Dimon apologized for not doing a better job supervising trades that lost his bank billions. Dimon emphasized that while bank shareholders lost money, their clients and taxpayers did not.
Sixteen senators from the Senate Banking Committee have taken campaign contributions from JPMorgan's political action committee. We called them for comment.
The CEO of JPMorgan has been summoned to Capitol Hill today. According to his prepared remarks, Dimon will apologize, saying he feels "terrible" about the $2 billion blunder.
JPMorgan CEO Jamie Dimon spoke before the Senate Banking Committee today, trying to explain the $2 billion loss his company made in trading. The committee went fairly easy on the banker.
The JPMorgan Chase CEO testifies before the Senate Banking Committee today, trying to convince Congress that more bank regulation isn't needed, even after his company's $2 billion trading loss.
After the financial crisis of 2008, regulators focused on the idea of disclosure to prevent further problems in the financial industry. But what happens when the bank itself doesn't know how bad things are?
