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JPMorgan Chase & Co. (NYSE:JPM): Current price $49.39
In front of a United States Senate Panel, the former J.P.Morgan chief investment officer Ina Drew, who had oversight of the division that conducted the trades that comprised the “London Whale” fiasco, would not accept responsibility Friday for the $6.2 billion in losses revealed in 2012. Rather, she blamed the traders and managers who had been below her level, but could not be summoned before the Senate because they are in London and outside of jurisdiction. Committee Chairman Carl Levin (D-MI) went after Drew and other current and former JPMorgan executives hard concerning past statements he believed to be inaccurate. For part, Drew remarked that “some members of the London team failed to value positions properly and in good faith, minimized reported and projected losses, and hid from me important information regarding the true risks of the book. I did not (and do not) believe I bore personal responsibility for the losses in the synthetic credit book.”
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