A long, uncomfortable Senate hearing began Friday for executives at JPMorgan Chase as they were questioned on their misrepresentation of a major trading loss in April, accused of downplaying what turned out to be a multibillion-dollar blowup. The hearing is the latest action in a nine-month inquiry investigating the loss. During the four-hour session, executives past and present were questioned on their bank’s risk-management and oversight policies as well as a “glowing” conference call with investors and regulators that downplayed the losses just weeks before they blew up. Better luck next time, bankers.
Funny Money JPMorgan Chase bank in San Francisco, Calif. (Justin Sullivan/Getty)