JPMorgan Chase CEO Jamie Dimon faced a grilling by senators on Wednesday regarding the $2 billion in surprise losses incurred by the bank's chief investment office in London.
After being jeered by demonstrators chanting, "Stop foreclosures now!" Dimon told members of the Senate Banking Committee that while he was "ultimately responsible" as CEO for the trading blunder, JPMorgan believes the losses to be "an isolated event."
Senate Banking Committee Chairman Tim Johnson, D-S.D., noted in his remarks that Wednesday marked the two-month anniversary of Dimon's "tempest in a teapot" comments, where he "downplayed concerns from initial media reports" of the company's CIO trades. However, Johnson said, "we later learned…it was an out-of-control trading strategy with little to no risk controls that cost the company billions of dollars."
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