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Dimon invited to testify at Senate panel

May 17, 2012 at 6:13 PM   |   Comments

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WASHINGTON, May 17 (UPI) -- A U.S. Senate panel Thursday invited JPMorgan Chase chief Jamie Dimon to testify about the bank's more than $2 billion investment blunder.

The Senate Banking Committee this week announced it would have hearings into the trading losses, concentrating on regulation. U.S. Sen. Tim Johnson, D-S.D., announced the invitation to Dimon following two planned hearings with regulators next Tuesday and June 6, CNNMoney reported.

Dimon announced last week JPMorgan Chase had lost $2 billion in 15 days in a series of bets on credit default swaps in a bid to hedge risks. The company's chief investment officer retired Monday in the wake of the losses and the trader responsible for them was said to be readying his departure.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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