U.S. Senator Carl Levin said he plans to forward results from his panel’s nine-month investigation into JPMorgan Chase’s record trading loss to the Justice Department and Securities and Exchange Commission to review for possible wrongdoing by company executives.
'When you say criminal referrals, there will be referrals to the Justice Department and to the regulators, the Securities and Exchange Commission', Levin, chairman of the Senate Permanent Subcommittee on Investigations, said last week in an interview on Bloomberg Television’s 'Political Capital With Al Hunt.'
'We’ve laid out hundreds of pages of what I consider to be wrongful practices'.
JPMorgan said that it employed a new formula to judge the risk of its credit derivatives position, at least the fourth such model it’s used since January 2012. The portfolio was built by Bruno Iksil, known as the London Whale because his bets were so big they moved markets.
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