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The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012.
The entrance to JPMorgan Chase's international headquarters on Park Avenue is seen in New York October 2, 2012.
(Shannon Stapleton/Reuters)

BREAKINGVIEWS

U.S. senate finds JPMorgan regulator asleep at the ‘whale’

Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.

A U.S. Senate report on JPMorgan deservedly excoriates the bank over last year’s $6.2-billion trading loss. However the report – released on the fifth anniversary of the collapse of Bear Stearns – doesn’t shed much new light on the “London whale”: the bank run by Jamie Dimon had already admitted many of its mistakes. What stands out from the Permanent Subcommittee on Investigations’ probe is that JPMorgan’s chief regulator, the Office of the Comptroller of the Currency, was a bumbling fool.