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Senate panel wants Jamie Dimon to testify about JPMorgan trading loss

May 17, 2012|By Jim Puzzanghera
  • JPMorgan Chase & Co. Chief Executive Jamie Dimon, center, is flanked by Goldman Sachs & Co. Chief Executive and Chairman Lloyd C. Blankfein, left, and Bank of New York Mellon Chief Executive Robert Kelly during a House Financial Services Committee hearing on Feb. 11, 2009.
JPMorgan Chase & Co. Chief Executive Jamie Dimon, center, is flanked… (Lawrence Jackson / Associated…)

WASHINGTON -- The chairman of the Senate Banking Committee said Thursday he plans to invite JPMorgan Chase & Co. Chief Executive Jamie Dimon to testify at a hearing about the bank's $2-billion trading loss.

It was unclear when the hearing would be held or if Dimon would agree to testify.

The committee has scheduled hearings with regulators for Tuesday and June 6 to discuss implementation of the 2010 financial reform law. Chairman Tim Johnson (D-S.D.) said this week that JPMorgan's huge trading loss would be looked at during those hearings.

But after staff for Johnson and the committee's top Republican, Sen. Richard Shelby of Alabama, were briefed by regulators and JPMorgan about the trading loss over the past week, Johnson said he decided to invite Dimon to testify.

"Our due diligence has made it clear that the Banking Committee should hear directly from JPMorgan Chase's CEO, Jamie Dimon, and following our two Wall Street reform oversight hearings I plan to invite him to testify," Johnson said.

A JPMorgan spokesman did not immediately respond to a request for comment.

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