2012-09-07americanbanker.com

``Just when you thought you'd heard the last about the London Whale affair ... Senator Carl Levin's Permanent Subcommittee on Investigations is conducting a probe of the JPMorgan chief investment office's derivative trades, the FT and Bloomberg News report. The subcommittee has subpoenaed JPM's regulators for documents and is seeking testimony from CIO veterans, the reports say. If the bank's executives are asked to testify before the subcommittee, we suspect it'll be a less decorous affair than Jamie Dimon's June appearances before the Senate and House banking panels, given Levin's penchant for indignant showboating. Especially since Dimon could give Levin a run for his money in a grandstanding competition. We wonder if Levin might also take the opportunity to ask someone at JPM about its planned copper exchange-traded fund, which the senator warns could corner the copper market but that the bank insists won't affect prices.''


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