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March 26, 2013

Three photographs of the Whale (that summarize the enormously complex $6 billion "London Whale" derivatives trade by JPMorgan)

Below is a photograph of the senior JPMorgan witnesses testifying before the Senate Permanent Subcommittee on Investigations on Friday, March 15. They oversaw the loss of more than $6 billion in depositor funds. This loss dramatized many issues, including the need to return banks to safe lending to the real economy as opposed to risky speculation on meaningless gambles. The loss also showed that some banks are too big to manage, as JPMorgan was considered well managed before this major loss. And the loss also showed that the bank is too big and complex to oversee.

photograph from JPMorgan "London Whale" hearing

These witnesses answered questions for about three hours from Sen. Carl Levin, (D-Mich), who chairs the subcommittee; Sen. John McCain (R-Az), the ranking Republican, and Sen. Ron Johnson (R-Wisc), among others. In the foreground is Peter Weiland, former JPMorgan risk manager. In the far back is Ina Drew, former chief investment officer.”

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Read more and see the rest of the photos on Public Citizen here

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