Friday, March 8, 2013

Washington’s Back on “Whale” watch

Like Moby Dick, the “London Whale” just won’t die.  Despite JPMorgan Chase CEO Jamie Dimon’s best efforts to put the embarrassing $6 billion trading debacle behind him, lawmakers appear intent on dredging it up again.

Yesterday, the Senate Permanent Subcommittee on Investigations, run by Sen. Carl Levin (D-Mich.), scheduled a March 15 hearing to examine the massive wrong-way derivatives bet that blew a $6.2 billion hole in the bank’s balance sheet.

The committee hasn’t released the names of those who will be called to testify, but the list is likely to include Dimon, former finance chief Doug Braustein and Ina Drew, who oversaw the bank’s Chief Investment Office, which originated the disastrous trade….

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