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The buzz-investment and stock market newsSenator: JPMorgan strategy like a runaway train

Ina Drew, JPMorgan Chases former chief investment officer, is on Capitol Hill Friday to make her first public comments about the London Whale losses.

Current and former JPMorgan Chase executives, including ex-chief investment officer Ina Drew, are in Washington to testify about the banks $6 billion London Whale losses before the Senates Permanent Subcommittee on Investigations, led by Democrat Carl Levin and Republican John McCain.

Drews testimony marks her first public comments on the bungled trades. Ex-head of market risk in JPMorgans chief invesment office Peter Wieland and acting risk offer Ashely Bacon also testified.

Levin and McCain, who led a nine-month investigation into the trades, said JPMorgan (JPM ) manipulated results to mask the depth of the losses, actively shielding them from both regulators and investors in a scathing report released Thursday.

Levin kicked of the hearing, calling the trading loss a disaster and likening JPMorgans trading strategy to a “runaway train.

Carl Levin on $JPM. A runaway train of derivatives trading blowing through risk limits hidden losses and regulators who failed to act.

— Aaron Lucchetti (AaronLucchetti) March 15, 2013

Senator Levin. Destroying $JPM risk management process. $JPM works like a WALL St. CHOP SHOP. No wonder the financial crisis occurred!