Jamie Dimon: JPMorgan Chase trusted risk models before loss
WASHINGTON (AP) - JPMorgan Chase CEO Jamie Dimon says the bank did its best to fully inform investors about its risk strategy several weeks before it suffered a $2 billion-plus trading loss.
Dimon told the House Financial Services Committee Tuesday that the bank trusted its methods for assessing risk and that the models used provided the best information at the time.
The risk models are frequently updated, he said. "We disclosed what we knew when we knew it," Dimon told the panel. The Securities and Exchange Commission is examining whether JPMorgan's earnings report on April 13 gave adequate information on the risk model the bank was using.
Earlier at the hearing, SEC Chairman Mary Schapiro told the panel "there could be" violations that would merit legal sanctions against the bank.