While Jamie Dimon, the chief executive of JPMorgan Chase, has agreed to testify before a Congressional committee in June to discuss the bank's recent multimillion dollar trading loss, he hasn't committed to a date.
There was a time when Jamie Dimon liked everyone to believe that his JPMorgan had a "fortress balance sheet", that he was disgusted when the US government "forced" a bailout on it, and that no matter what the market threw its way it would be just fine, thanks. Then the London Whale came, saw, and promptly blew up the "fortress" lie.
By John Mylant: JPMorgan (JPM) and its $2 billion trade loss will be very hard to understand. It has been reported that losses from the credit derivatives may have been from pricing different than the investment bank had. There are two people involved. We have prices used by JPMorgan's CIO and the company's dealers. The difference in pricing could have been in the hundreds of millions of dollars before it was even seen.
JPMorgan Chase disclosed on Wednesday that it faces a criminal and civil probe over whether the bank sold risky mortgage-backed securities to investors before the financial crisis, reports New York Times DealBook.
After days of discussions, Jamie Dimon of JPMorgan Chase has agreed to testify before the Senate Banking Committee on June 13, and he is also expected to appear before a House panel later in the month.