WASHINGTON — A Senate probe into the JPMorgan Chase "London Whale" trading debacle provides a harsh critique of the firm's actions, but also raises critical questions about the regulators trained to police it.

The Permanent Subcommittee on Investigations, chaired by Sen. Carl Levin, D-Mich., issued a scathing report Thursday that examines the rise and fall of the bank's synthetic credit portfolio within its chief investment office.

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