While JPMorgan Chase & Co. CEO James Dimon will apologize today before the Senate Banking Committee for the trading miscues that have cost the company at least $2 billion, he is also going to highlight a combination of overconfidence, poor judgment and faulty risk controls, the Wall Street Journal reported today. Dimon will push back on any implication that the incident is lastingly detrimental to the largest U.S. bank by assets. "We will not make light of these losses, but they should be put into perspective," Dimon said in prepared testimony. "We will lose some of our shareholders' money—and for that, we feel terrible—but no client, customer or taxpayer money was impacted by this incident."
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http://banking.senate.gov/public/index.cfm?FuseAction=Hearings.Hearing&…