While a trader known as the "London whale" has
come to represent a multibillion-dollar blowup at JPMorgan Chase, Congressional
investigators have discovered that the problems involved more senior levels of
the nation's largest bank according to CNBC
A report by the Senate Permanent Subcommittee on
Investigations highlights flaws in the bank's public disclosures and takes aim
at several executives, including Douglas Braunstein, who was chief financial
officer at the time of the losses, according to people briefed on the inquiry.
The report's findings — scheduled to be released on March 15 — are expected to
fault the executives for allowing JPMorgan to build the bets without fully
warning regulators and investors, these people said.
The subcommittee, led by Senator Carl Levin, could ask Mr.
Braunstein and other senior executives to testify at a hearing this month,
according to the people. The subcommittee does not currently intend to call the
bank's chief executive, Jamie Dimon, but Congressional investigators
interviewed Mr. Dimon last year....
More? Check out http://www.cnbc.com/id/100521027
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