Ina Drew, the former chief investment officer of JPMorgan, said on Friday that she was not to blame for shady trading pratices that led to $6 billion in losses for the largest bank in America.
“Some members of the London team failed to value positions properly and in good faith, minimized reported and projected losses, and hid from me important information regarding the true risks of the book,” she said at a Senate hearing on what is known as the “London Whale” trades, according to Reuters.
A new report by the Senate Permanent Subcommittee on Investigations released Thursday found that JPMorgan CEO Jamie Dimon, along with other managers, misled investors, dodged regulators and withheld information in an effort to hide trading losses. The bank allegedly “misinformed investors, regulators, policymakers and the public about its synthetic credit portfolio by downplaying the portfolio’s size, risk profile and losses.”
Dimon was not scheduled to testify at the hearing on Friday.
“The subcommittee says it did not ask for Dimon because he has been on the Hill twice before on the matter,” Politico reports. Here’s what a Senate hearing with Dimon present looked like last year.
