JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress tomorrow for a trading loss that has cost the bank more than $2 billion. He also will say that the bank has taken steps to make sure it does not happen again. "We have let a lot of people down, and we are sorry for it," Dimon says in testimony prepared for his appearance before the Senate Banking Committee.
"While we can never say we won't make mistakes—in fact, we know we will—we do believe this to be an isolated event," Dimon says. The Wall Street Journal has the full text, in which Dimon also castigates traders for badly misunderstanding the risks involved and "generally ineffective" managers for failing to rein them in, notes the Journal.