Dimon Fires Back in Hearing

JPMorgan CEO criticizes federal regulatory system in the wake of Dodd-Frank.

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon spent much of his time at a hearing where U.S. senators aimed to put him on the defensive firing back at the federal regulatory system.

During more than two hours before before the Senate Banking Committee, Dimon described a $2 billion loss in the bank’s chief investment office as a hedge that “morphed into something I can’t justify,” and largely blamed subordinates for a trading strategy gone wrong. The bank is looking at clawing back some of the compensation earned by those responsible, he said.

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