JPMorgan chief to testify before Senate

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.

A bunch of current and former JPMorgan Chase executives will head to Capital Hill this morning for a senate hearing on the "London Whale" trade that caused the bank to lose billions last year. 

(Adds other probe details starting in eighth paragraph.)

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.