Tuesday, June 19, 2012

Dimon To Congress: Sure, sure… JPMorgan Complied With Disclosure Rules

JPMorgan Chase CEO Jamie Dimon told U.S. House members that he complied with disclosure rules in warning investors about changes that contributed to the bank’s trading loss of at least $2 billion, Bloomberg reports.

 “We disclosed what we knew when we knew it,” Dimon told lawmakers today at a House Financial Services Committee hearing in Washington.

Dimon’s comments came during his second appearance on Capitol Hill in less than a week to explain how the firm lost billions on derivatives trades. U.S. Securities and Exchange Commission Chairman Mary Schapiro, speaking from the same witness table earlier, said the agency has a “wide panoply” of penalties at its disposal in pursuing sanctions against JPMorgan. The bank could pay penalties if investigators find that it violated disclosure or other rules, she said...

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