JPMorgan Hid Facts On $6B In 'Whale' Losses: Senate Report

Law360, Los Angeles (March 14, 2013, 11:07 PM EDT) -- JPMorgan Chase & Co. concealed critical financial information about its $6.2 billion in “London Whale” derivatives trade losses from federal authorities, internal regulators and investors, but did not break any laws by doing so, according to a scathing U.S. Senate investigation report released Thursday.


The 301-page report, issued by the Senate's Permanent Subcommittee on Investigations, accuses CEO James Dimon and other officials at the bank of ignoring internal warnings about the complex derivatives traded through its London office and masking them from regulators and shareholders....
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