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.
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