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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