Dimon’s ‘Harpooned’ Whale Resurfaces With Senate Findings

Beached Whale

JPMorgan Chase Chief Executive Officer Jamie Dimon has called the bank’s money-losing London Whale trade 'harpooned' and 'killed'. Today in Washington, it will be revived.

Bloomberg reports that the U.S. Senate Permanent Subcommittee on Investigations, led by retiring Senator Carl Levin, will release the panel’s findings after probing JPMorgan’s record trading loss last year. The flawed bet on credit derivatives cost the company more than $6.2bn and stained Dimon’s 31-year Wall Street career.

The bank’s stock recovered after disclosure of the trading loss at JPMorgan’s chief investment office erased as much as $51 billion in market value. The shares have gained 14% this year, closing yesterday at $50.16.

'It’s sad that investors are so complacent', said Paul Miller, a bank analyst with FBR Capital Markets in Arlington, Virginia. 'But political issues never die. It’s a chance to bring these guys up to Congress and make them shiver a little bit'.

Former Chief Investment Officer Ina Drew, 56, among Wall Street’s most powerful women until she resigned four days after the bank disclosed the initial trading losses, will testify Friday in her first public appearance since her May 14 exit.

Hit the link below to access the complete Bloomberg article:

Dimon’s ‘Harpooned’ Whale Resurfaces With Senate Findings

image: © brydeb

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