LIVE VIDEO: JPMorgan CEO Jamie Dimon testifying before a Senate committee.
By msnbc.com staff
Updated at 10 a.m. ET: JPMorgan Chase?s Chairman and Chief Executive Jamie Dimon is on Capitol Hill Wednesday to testify before the Senate Banking Committee about the risky practices that led to massive derivatives trading losses at the bank.
It is Dimon?s first congressional appearance since he announced the losses, which some analysts now estimate are at least $3 billion -- a massive loss for a single bank.
Wednesday is also the two-month anniversary of Dimon?s ?tempest in a teapot? comment -- the phrase he used to brush off early media reports of the multibillion-dollar losses, which have been attributed to a London-based section of the bank.
Dimon has already released his prepared testimony for the Senate hearing, in which he apologizes for the bank?s mistakes and says JPMorgan?s trading loss happened because poorly managed traders in January started an unwise hedging strategy they did not fully understand.
We are live-blogging Dimon?s appearance before lawmakers today, so stay tuned to hear regular updates from the hearing.
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