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Senate Investigates JP Morgan

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  • Description

    FBN's Peter Barnes on the JP Morgan trade probe.

  • Duration 1:58
  • Date

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I don't know that I -- anyway you aren't used pretty interesting JPMorgan's -- losses under investigation -- senate subcommittee.

That over eighty people have -- didn't question about the more than five billion dollars and trading losses last may.

Peter Barnes has the -- -- -- he -- right now Peter.

-- -- right Melissa we first learned about this probe in September through news media reports but the number of people question suggests that the scope of this thing.

Is broad and could lead to more political problems in Washington for JPMorgan Chase the probe covers five point eight billion dollars -- losses that America's.

Biggest bank by assets caused by the London whale that trader who got a reputation for big bets with complex financial investments -- The sources on this story emphasize that the wide net that the subcommittee appears to be casting will not necessarily lead to any formal charges against the bank any formal hearings on the trading losses or any scathing report senator Carl Levin -- chairman of this -- subcommittee on one of Wall Street's toughest critics.

Criticized the bank in May when it announced this law saying it quote made a very big and complicated -- That now has gone very wrong and he is now under the Senate's leading critics of Wall Street the senator's office did not.

Comment on our on our story today and if a probe generates any substantive results.

That could -- more headaches due for CEO Jamie Dimon the Securities and Exchange Commission as your call has been investigating whether -- properly disclosed the trading losses to investors.

That issue as well as the bank's internal controls.

Oversight of traders and other matters.

Could be among the subjects of the subcommittee's probe a JPMorgan spokesman declined to comment on all of this Melissa.

How Peter -- thanks so much breaking news that it.

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