Senate Panel To Hear About JPMorgan Chase Losses

A Senate panel is hoping regulators can tell them more about J.P. Morgan Chase's multi-billion dollar loss today.

 

 

 

 

WASHINGTON (AP) - A Senate panel is hoping regulators can tell them more about J.P. Morgan Chase's multi-billion dollar loss today.

The Senate Banking Committee is hoping to find out who knew what and when before JPMorgan Chase lost more than $2 billion in about six weeks on a series of derivatives bets that went bad.

The comptroller of the currency and the acting head of the Federal Deposit Insurance Corporation are among a group of regulators set to appear.

Comptroller of the Currency Thomas Curry is expected to tell the panel that starting late last year, JPMorgan Chase changed its strategy aimed at containing risk. His agency is examining whether the bank's policies were inadequate before the big loss.

JPMorgan Chase CEO Jamie Dimon is scheduled to appear next week.

 

AP

   

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