JPMorgan Didn't Hide $2B Loss From Public, Dimon Says

Law360, New York (June 19, 2012, 8:11 PM EDT) -- JPMorgan Chase & Co. revealed its recent $2 billion trading loss as soon as the bank became aware of its magnitude, Chairman and CEO Jamie Dimon told lawmakers Tuesday as he defended the bank's overall operations and warned that increased regulations could hurt its global competitiveness.

Dimon told the U.S. House Financial Services Committee that JPMorgan didn’t realize the severity of the losses stemming from investments on synthetic credit derivatives placed by the bank’s Chief Investment Office until late April, though reports on the bank’s exposure...
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