JP Morgan Chase CEO: I can't defend trades that led to loss
After losing $2,000,000,000 in a risky trade, J.P. Morgan Chase C.E.O., Jamie Dimon, apologized before congress on Wednesday.
Dimon told senators on Capitol Hill that he can't defend the trades that led to the bank's massive loss.
When asked if he personally approved the trade, Dimon said even though he was aware he did not approve it.
He said the transaction morphed into something that he couldn't justify and was too risky for the company.
Dimon said, " A granular limit says you can take no more than X risk in Y; no more this risk in a name or this risk in a market including things like liquidity risk so that you are controlled. In the rest of the company we have those disciplines in place. We didn't have it here and that's what caused the problem."
His appearance was interrupted by protesters, shouting that he was a thief and a crook.