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JPMorgan CEO appears before lawmakers

06-14-2012 05:26 BJT

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JPMorgan Chase CEO, Jamie Dimon, was met by heckling protesters as he arrived to testify before lawmakers on Capitol Hill.

Dimon was there to answer why a low-risk unit of the company had amassed at least 2 billion dollars in trading losses. Dimon testified that the loss occurred because poorly managed traders had embarked on a misguided hedging strategy they did not fully understand. He also added that the loss was an isolated incident and the bank is in solid shape.

This is the latest in a story that began in April after Dimon revealed a hedging strategy in the company’s London office had gone awry.

Editor:Wang Shuo |Source: CNTV.CN

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