This morning the Senate Homeland Permanent Subcommittee on Investigations investigates the $6.2 billion dollar trading loss JP Morgan Chase incurred when they “ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses in a derivatives portfolio“.
For way more including a long list of crimes uncovered see
David Dayen: Out of Control – New Report Exposes JPMorgan Chase as Mostly a Criminal Enterprise.
Also Matt Taibbi’s preview.
And Josh Rosner’s report “JP Morgan Chase – Out of Control”.
In this report we will focus on the risk management and internal control environment at JPMorgan Chase, a bank whose balance sheet is almost one-ninth the size of the United States economy. JPMorgan’s financial filings, its “Task Force” investigation of losses in the CIO’s office and its recent history of significant regulatory failures demonstrate that shareholders are continuing to be called upon to pay for the firm’s inability to ensure an acceptable control environment.
Click through for Witness List.