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March 5, 2013

Senate Report Said to Fault JPMorgan

While a trader known as the “London whale” has come to represent a multibillion-dollar blowup at  JPMorgan Chase, Congressional investigators have discovered that the problems involved more senior levels of the nation’s largest bank.

A report by the Senate Permanent Subcommittee on Investigations highlights flaws in the bank’s public disclosures and takes aim at several executives, including Douglas Braunstein, who was chief financial officer at the time of the losses, according to people briefed on the inquiry. The report’s findings — scheduled to be released on March 15 — are expected to fault the executives for allowing JPMorgan to build the bets without fully warning regulators and investors, these people said.

The subcommittee, led by Senator Carl Levin, could ask Mr. Braunstein and other senior executives to testify at a hearing this month, according to the people. The subcommittee does not currently intend to call the bank’s chief executive, Jamie Dimon, but Congressional investigators interviewed Mr. Dimon last year.”

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Read full New York Times article here

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