Daily News: June 20, 2012

Dimon Defends JPMorgan Disclosures Scrutinized by SEC


Bloomberg reported that JPMorgan Chase chief executive officer Jamie Dimon defended the company’s disclosures of a $2 billion trading loss as regulators and lawmakers questioned whether the largest U.S. bank misled investors.

Bloomberg said Dimon was making his second appearance on Capitol Hill in less than a week, appearing at a House Financial Services Committee hearing in Washington that exceeded four hours.

According to the Bloomberg story, SEC chairman Mary Schapiro said the agency has a “wide panoply” of penalties at its disposal to pursue sanctions if investigators find that New York-based JPMorgan violated disclosure or other rules.

To read the full Bloomberg story, click here.