Former and current JPMorgan execs are being grilled before the Senate Pernament Subcommittee on Investigations over the “London Whale” trade this morning.
Ahead of the hearing, the senate subcommittee released a cache of documents and a 300-page report slamming the bank last night.
The report claims JPMorgan mislead regulators and investors by mismarking credit derivatives values in the Synthetic Credit Portfolio. It also says that JPMorgan execs ignored risks.
The “London Whale” was first revealed in media reports in April by Bloomberg and the Wall Street Journal. JPMorgan CEO Jamie Dimon dismissed them as a “tempest in a teapot” during the company’s first quarter earnings call.
This is a slide from Senator Carl Levin on the inaccurate statements he claims JPMorgan made during its Q1 conference call [via @AlexisGoldstein].