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Senate Committee Launches Probe Of JPMorgan Chase & Co-Reuters


Thursday, 6 Sep 2012 05:59pm EDT 

Reuters reported that A U.S. Senate committee has launched a probe into JPMorgan Chase & Co's London Whale trading losses. The Permanent Subcommittee on Investigations, chaired by Senator Carl Levin, is interviewing current and former employees of JPMorgan's Chief Investment Office in connection with the bank's $5.8 billion loss on trades in an obscure corner of the credit market. An internal investigation by the bank revealed the possibility that the trades may have been deliberately mismarked in JPMorgan's books to make the losses look smaller. Federal investigators and the Securities and Exchange Commission are looking into whether anyone involved in the incident committed a crime. 

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