Reuters: Regulatory News: US senator seeks hearing on JPMorgan trading loss

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US senator seeks hearing on JPMorgan trading loss May 11th 2012, 19:33 WASHINGTON | Fri May 11, 2012 3:33pm EDT WASHINGTON May 11 (Reuters) - Republican Senator Bob Corker said on Friday he has asked for a hearing into the events surrounding JPMorgan's revelation of a $2 billion trading loss. "Clearly the losses posted by JPMorgan are significant, and as policy makers we should understand in detail what has transpired," Corker said in a letter to Senate Banking Committee Chairman Tim Johnson requesting the hearing. Corker said lawmakers need to know if taxpayers are fully protected from losses at major financial firms and whether the trades in question were bona fide hedges or poorly managed proprietary trades.

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