'There was no hiding, there was no lying, there was no bulls----ing, period', Jamie Dimon said Tuesday at a conference sponsored by Morgan Stanley in New York.
Bloomberg News reports that while he conceded the company made some mistakes, 'no one at JPMorgan Chase, not one single solitary person, from CIO, to risk, to finance, to myself - and a lot of people looked at it - thought we had a big problem' when the bank reported earnings on April 13, 2012, the day Dimon dismissed news reports about the trade as a 'complete tempest in a teapot', he said.
Executives thought they had losses that might cost about $200m, Dimon said, “not a $6bn problem.”
The trading book had already lost more than $1bn by that time, according to documents turned over to the U.S. Senate Permanent Subcommittee on Investigations, which released a 301-page report in March that accused the largest and most profitable U.S. bank of hiding losses, deceiving regulators and misinforming investors.
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