[ by Howard Haykin ] SEC Chairman Mary Schapiro gave her most detailed comments yet on her agency's investigation into the JPMorgan Chase trading loss on Tuesday, during testimony before the House Financial Services Committee. "The area we're focused on and concerned about is a change with respect to the VaR model they used for their earnings release on 4/13/12 that had the effect, yes, of understating the value-at-risk," Ms. Schapiro said. She said it is hard to say what sort of financial penalty JPMorgan could face, but said the agency has a large number of potential sanctions.  [Reuters, via CNBC, 6/19/12]