Daily News: September 7, 2012

Bloomberg: JPMorgan Said to Face Escalating Senate Probe

Bloomberg reported that JPMorgan’s wrong-way bets on derivatives are the focus of an escalating investigation by a U.S. Senate panel led by Carl Levin that has grilled executives from banks including Goldman Sachs and HSBC Holdings, citing people briefed on the inquiry.

The article said Levin’s Permanent Subcommittee on Investigations is seeking testimony from those who worked in or helped lead JPMorgan’s chief investment office, citing the unidentified sources. The unit’s London staff lost at least $5.8 billion this year on the botched wagers, which were large enough to shift markets, Bloomberg noted.

To read the Bloomberg article, click here.

Previously on abfjournal.com:

WSJ: JPMorgan Picks Director to Head ‘Whale’ Probe, Monday, August 20, 2012