facebook
twitter
search
search

Dimon invited to testify at Senate panel

May 17, 2012 at 6:13 PM
| License Photo

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.

Related UPI Stories
Latest Headlines
Trending Stories
Chelsea Clinton accidentally calls Bernie 'President Sanders'
Watch every star-studded Super Bowl commercial of 2016
Susan Sarandon responds to Piers Morgan criticizing cleavage
Two Virginia Tech students plotted 13-year-old's death, prosecutors said
Colin Powell, Condoleezza Rice got classified email on private accounts