The head of
"We did lose some of our shareholder's money and for that we feel terrible,"
Dimon also told the panel
Dimon told the panel beginning in
"This strategy, however, ended up creating a portfolio that was larger and ultimately resulted in even more complex and hard to manage risks," he added. "This portfolio morphed into something that rather than protect the firm, created new and potentially larger risks. As a result, we've let a lot of people down and we are sorry for it."
He added, the "
He said the
Although the focus of the review is the circumstances that led to the losses, "the
"Without speaking to the specifics of the case … the recent losses attest to the speed with which risks can materialize in a large, complex derivatives portfolio," he said. "The recent losses also highlight that it's important for financial regulatory agencies to have access to timely risk-related information about derivatives and other market-sensitive exposures, to analyze the data effectively, and to regularly share findings and observations."
The committee also heard from
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