Last year, when JPMorganChase’s now-infamous “London whale” trades came under media attention, CEO Jamie Dimon characterized the losses as a $2 billion series of errors and bad judgment. But a 300-page Senate report now indicates that Dimon flat-out misled regulators and tried to hide some $6.2 billion in trading losses over credit default swaps (the same financial alchemy that nearly destroyed AIG) through a series of complicated hedge funds. In the end, Sen. John McCain said the bank seemed to acknowledge, and even embrace the idea, that it was too big to fail. All it has really done is undercut the firm’s resistance to federal banking regulation and fuel the debate surrounding the Volcker rule, which means to prevent large banks (like JPMorganChase) from doing precisely what JPMorganChase has done. Haven’t we been here before?

Read the story.