US Senate examines JPMorgan losses

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The Independent Online

JPMorgan woes over the near $6bn (£4bn) of losses run up by the so-called London Whale trader deepened yesterday when it emerged that an influential US Senate committee has opened its own inquiry into the scandal.

The permanent subcommittee on investigations, chaired by Senator Carl Levin, is interviewing current and former employees of JPMorgan's chief investment office. That comes on top of inquiries by the Securities and Exchange Commission and by the bank into whether crimes were committed.

The London-based CIO trader Bruno Iksil took out huge positions on a credit default swap index, but was undermined by hedge funds betting against him.