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>> CARL LEVIN Latest News

MAR 15, 2013 - Mother Jones

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"I Can't Keep This Going": How JPMorgan Chase Changed Its Own Risk Rules and Lost $6 Billion

Last May, JPMorgan Chase, the biggest bank in America, lost $6 billion on a risky bet placed by its London office. So far, the bank has been punished with a slap on the wrist, but this week the Senate released a major report and held a Friday hearing on the debacle. The report shows that in the run up to the massive loss, JPMorgan Chase ignored its own risk controls, used fancy math to reduce estimates of losses, and blocked the flow of information to regulators. Regulators, meanwhile, first fell asleep on the job and then tried to downplay the incident. The bank and its regulators should ... Read More

Tags: "I Can't Keep This Going": How JPMorgan Chase Changed Its Own Risk Rules and Lost $6 Billion,  Carl Levin Latest News