Mr. McCain brings up the infamous call that JPMorgan executives held with analysts in mid-April last year, during which Mr. Braunstein said that he was "very comfortable" with the size of the chief investment office's trades.
During the hearing, Mr. Braunstein says, "Based on the benefit of hindsight, the bank and I were both misinformed and incorrect when I said I was very comfortable." That was based on the information he had at the time -- belied by subsequent information that came to light.
Mr. McCain asks whether anyone was held accountable. Mr. Braunstein replies that several employees were fired, and that compensation was clawed back or reduced.
After questioning from the senator, Mr. Braunstein says that his pay was cut by more than 50 percent, to $5 million in 2012 from $9.5 million the previous year.
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