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Senate: JPMorgan Ignored Controls

As always, more good news from the banking world. A new Senate report shows that last year JPMorgan Chase, the country's biggest bank, manipulated documents and ignored internal controls as they built up trading losses. Jamie Dimon, the chief executive, also withheld information from regulators. The 300-page report was released the day before the Senate plans to question bank leaders and regulators at a hearing. “While we have repeatedly acknowledged significant mistakes, our senior management acted in good faith and never had any intent to mislead anyone," a spokeswoman for the bank said.