WATCH LIVE: Jamie Dimon testifies before Congress

By Kay Steiger
Wednesday, June 13, 2012 9:56 EDT
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JP Morgan CEO Jamie Dimon. Screenshot via NBC
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The beleaguered JPMorgan chief will testify before the Senate Committee on Banking, Housing and Urban Affairs Wednesday, answering questions about the company’s staggering $2 billion trading loss last month.

Dimon managed to keep his job in a shareholder vote in May, but the company has faced federal investigations from all corners, including from the Securities and Exchange Commission, the Federal Bureau of Investigation, and now, U.S. Congress. Many high-profile figures have called for Dimon’s resignation from the board of the New York Federal Reserve, including Massachusetts Senate candidate and Consumer Financial Protection Bureau champion Elizabeth Warren.

Dimon released his full statement ahead of the hearing. “Our fortress balance sheet remains intact … All of our lines of business remain profitable and continue to serve consumers and businesses,” he writes in his testimony. “And just as we have remained focused on serving our clients, we have also remained focused on managing the risks of our business, particularly given today’s considerable global economic and financial volatility.”

The statement can be read in full at Business Insider.

Watch Dimon’s testimony live, broadcast on MSNBC, scheduled to start at 10 a.m. Eastern.

Visit msnbc.com for breaking news, world news, and news about the economy

Kay Steiger
Kay Steiger
Kay Steiger is the managing editor of Raw Story. Her contributions have appeared in The American Prospect, The Atlantic, Campus Progress, The Guardian, In These Times, Jezebel, Religion Dispatches, RH Reality Check, and others. You can follow her on Twitter @kaysteiger.
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