US Senate JPMorgan ignored risks, fought regulators

JPMorgan Chase & Co ignored risks, misled investors, fought with regulators and tried to work around rules as it dealt with mushrooming losses in a derivatives portfolio, a Senate report alleged in a damning review of the largest US bank’s management.

Senior managers at the bank were told for months about the bad derivatives bets that ended up costing the bank US$6.2 billion (HK$48.1 billion), but did little to rein them in, according to the Permanent Subcommittee on Investigations report.

via Business feed http://www.scmp.com/business/banking-finance/article/1191348/us-senate-jpmorgan-ignored-risks-fought-regulators