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Test Job 5 2012-12-31
Once the hearing began, Dimon told the committee he was misinformed about a strategy with a synthetic credit portfolio that was meant to hedge risks but "ultimately resulted in even more complex and hard-to-manage risks." This led to trades, announced by JPMorgan on May 10, that may have led to losses as high as $5 billion, according to the Wall Street Journal. A week later, the FBI said it opened a routine inquiry about the trading losses.