WASHINGTON — House Financial Services Committee Chairman Spencer Bachus defended JPMorgan Chase (JPM) on Wednesday from criticism of its $2 billion trading loss.

"Even with this loss, I believe they're one of the most profitable financial institutions in the country, and unless the facts are diametrically different from what we've heard, there is no risk from this loss to depositors or to taxpayers," Bachus said during a House hearing. "They remain a very profitable, viable institution."

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