During his widely reported April 13, 2012, earnings call, Dimon not only misinformed the public, he dismissed credible prior news reports about huge credit derivatives positions and mounting losses in JPMorgan Chase's Chief Investment Office unit. He not only dismissed disturbing news, he didn't disclose the size of the losses already known to him, and the numbers were whopping. He reportedly knew of $700 million in losses and the losses were increasing.
Senate Investigation Showed JPMorgan Executives Misinformed the PublicThe Huffington Post Blogs
The SEC is still investigating this case, but Senator Carl Levin (D-MI) and Senator Charles Grassley (R-IA) criticized the SEC for not sanctioning individual managers. Both are keen for enforcement for the way the bank communicated with investors.
SEC Omitted Evidence Damaging to JPMorgan's Jamie Dimon
Janet Tavakoli | President, Tavakoli Structured Finance
Dimon not only withheld this information, but he overtly denied it. This is a prosecutable offense under Sarbanes-Oxley. Yet once again, nothing happens.
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