Dimon plays defense on Capitol Hill

By Maureen Farrell @CNNMoneyInvest June 19, 2012

JPMorgan's CEO Jamie Dimon testified on Capitol Hill for a second time Tuesday to discuss the bank's multi-billion trading loss.

NEW YORK (CNNMoney) — JPMorgan Chief Executive Jamie Dimon was quick to fight back Tuesday after five top banking regulators pointed fingers at the bank and its top executives for JPMorgan’s multi-billion trading loss.

Dimon refused to defend the specific trade leading to the outsize losses, just as he had during last week’s testimony before the Senate Banking Committee.

“We are not too big to fail,” said Dimon. He later added: “There are huge benefits to size. We were ports in the storm because of our size.”

JPMorgan’s trading loss was caused by “serious risk management weakness or failures” at the bank, Thomas Curry, the comptroller of the Office of the Comptroller of the Currency, told members of Congress during testimony before the House Committee on Financial Services.

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