Mr. Levin faults the bank's traders for what he says are deliberate attempts to play down and disguise the losses on the trades.
In the scathing report issued by the Senate subcommittee on Thursday, investigators said that JPMorgan managers “pressured” traders to underreport losses by $660 million.
Jamie Dimon, the bank's chief executive, is called out by Mr. Levin for personally approving a temporary increase in risk limits that enabled the traders to continue making outsize wagers.
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