Sen. Carl Levin, D-Mich., chairman of the Senate Permanent Subcommittee on Investigations, which conducted a nine-month investigation into the JPMorgan "London Whale" trades, issued the following statement today after regulators in the United States and United Kingdom announced $920 million in fines related to those trades:
"The size of the penalties is testimony to the great damage risky derivatives bets can do, and that's important. However, the whole issue of misinforming investors and the public is conspicuously absent from the SEC findings and settlement. Our PSI investigation showed that senior bank executives made a series of inaccurate statements that misinformed investors and the public as the London Whale disaster unfolded. Other civil and criminal proceedings apart from this settlement are continuing, so there is still time to determine any accountability on that matter."