Daily News: June 12, 2013

Reuters: Dimon Defends Disclosures in Whale Episode

Reuters reported that JPMorgan Chase CEO Jamie Dimon forcefully defended the disclosures the bank made last year about its unfolding London Whale derivatives loss at an investor conference in New York.

Reuters quotes Dimon as saying, “”We did everything that we thought was the right thing to do.” Reuters noted that Dimon repeated his earlier apologies for the loss that he had mistakenly called a “tempest in a teapot” one month before the company disclosed it had lost more than $2 billion on the trades.

But Dimon forcefully added that bank officials had properly described the situation as they knew it at the time, Reuters said.

To read the entire Reuters story, click here.