June 13th, 2012
05:11 PM ET

Dimon on JPMorgan's losses: 'Isolated incident,' Does it add up?

CNN's Erin Burnett has interviewed JPMorgan CEO, Jamie Dimon in the past and weighed in on his testimony on capitol hill. Burnett highlighted Dimon's prepared statement on the bank's loss, saying it was a 'isolated incident.'

Burnett noted that every CEO who finds themselves in the same situation as JPMorgan says it was an isolated incident.

Is the JPMorgan mult-billion dollar loss a 'isolated incident'? Does it add up?

Tune in to Erin Burnett OutFront at 7p ET.

Dimon: 'I can't publicly defend the trade'

JPMorgan Chase Chief Executive Jamie Dimon told Senators on Capitol Hill Wednesday that he cannot defend the trades that led to the bank's massive multi-billion loss.

"The way it was contrived between January to March, it changed into something I cannot publicly defend," Dimon told members of the Senate Banking Committee during a two-hour hearing.

When asked by Democratic Sen. Sherrod Brown whether he personally approved the trade, Dimon said: "No, I was aware of it, but I didn't approve it."

Dimon refused to call the intent of the trade anything other than a hedge to offset other potential risks to the bank.


Filed under: Economy • News • Politics
soundoff (2 Responses)
  1. Joey at Purdue Univ

    Rooting for Jamie Dimon AND Liz Warren definitely puts me in a tough spot, like the contentiousness between Teddy Roosevelt & Mark Twain.

    June 13, 2012 at 7:58 pm | Reply
  2. Perry Nyland

    That's what I'm talking about! I don't want any legislation passed by our government. We have more laws and regulations in this country than what should legally be possible (with 99% of it not solving anything). A government who is idle, is perfect. For every piece of legislation passed, I would love to see how much it costs us a citizens.

    June 13, 2012 at 7:26 pm | Reply

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