Congress is sure to hold hearings on how and why JPMorgan Chase lost $2 billion in hedge fund trading and what safeguards might prevent it from repeating, including testimony from federal banking regulators and company CEO Jamie Dimon, financial regulation lawyers say.
Those hearings will give the banking industry an opportunity although a difficult one to convince legislators that the JPMorgan trades were mistakes in executing a legitimate complex financial transaction, not evidence of a trading activity that has gone wild, those lawyers say.
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