“For months after JPMorgan Chase & Co executives first admitted that they had wrongly brushed off questions about the “London Whale” derivatives losses, officials at the U.S. Securities and Exchange Commission pressed the company to disclose more to investors about risks it was taking.
“The SEC’s Division of Corporation Finance, which is charged with making sure companies provide investors with enough information to make good decisions, pushed the bank from at least July to February to revise disclosures about changes it had made in models used to calculate value it put at risk in its derivatives portfolio.
“Correspondence between the SEC and the bank released on Wednesday shows the bank made incremental changes to increase its disclosures at the SEC’s urging. The highly technical exchanges were conducted even as JPMorgan vowed to be more transparent with investors.”
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