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VIDEO: Protesters disrupt Senate testimony of JP Morgan CEO

Jamie Dimon testifying to US Senate about how America’s biggest bank lost $2 billion in six weeks.

Image: AP Photo/Haraz N. Ghanbari/PA

PROTESTERS HAVE DISRUPTED the testimony of JP Morgan CEO Jamie Dimon to the US Senate today about the company’s recent major trading losses.

America’s biggest bank revealed last month that it had lost at least $2 billion in trading on financial investments over six weeks. CEO Dimon told investors that management strategies taken at JP Morgan’s chief investment officer had been riskier than previously believed, leading to “egregious mistakes”.

The bank made $19 billion in profit last year and the $2bn loss doesn’t post a major threat to the company. However, the trading loss has heightened concerns about US banks’ vulnerability to losses and the sector’s regulation.

Dimon was called on to explain the losses to the US Senate. Shortly after today’s Senate Banking Committee hearing got underway, a group of protesters disrupted proceedings chanting “stop foreclosures now” before they were removed by security:

(Video uploaded by AssociatedPress)

Speaking to the committee, Dimon said that it is “likely” that some of the bank executives responsible for the loss will have some of their stocks and bonuses taken back by the company. He said that a policy allowing such measures to be taken exists at JP Morgan, but has never been invoked, the AP reports.

However, he said that he takes responsibility for the error: “We made a mistake. I’m absolutely responsible. The buck stops with me.”

Dimon himself has been an outspoken critic of increased financial regulation, complaining that legislators have gone too far in their overhaul of the financial system and saying that their moves may be hampering economic recovery.

- Additional reporting by the Associated Press

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