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U.S. investigates whether JPMorgan traders hid losses
From: Yahoo! News - Latest News & Headlines — 13th July 2012 at 21:17
U.S. federal investigators are looking at whether JPMorgan Chase & Co traders hid trading losses that have since grown to $5.8 billion, according to a person familiar with the matter, after the bank said its own probe found reason for suspicion. JPMorgan, the largest U.S. bank, said it believes it will lose at most another $1.7 billion from the bad credit trades. Problems at the group that made the bets, the Chief Investment Office, have been fixed, said Chief Executive Jamie Dimon. CIO traders had used derivatives to bet on corporate debt. ...
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