(Read More: Senate Report Blasts JPMorgan Executives)

The litany of accusations by the powerful panel raises the prospect that the trading debacle will continue to legally dog the Wall Street bank, long considered one of the best managed.

Friday's hearing and a subcommittee report released on Thursday paint a damning picture of a bank and high-level employees raking in huge payouts while ignoring risks, deceiving investors, fighting with regulators and trying to work around rules as losses mushroomed in a derivatives portfolio.

Drew made $29 million in 2010 and 2011, and Achilles Macris, who supervised the trading book at issue and reported to Drew, made $32 million during the same time frame. They were among the highest paid JPMorgan employees in those years.

Drew, who resigned last May and was long a trusted lieutenant of Chief Executive Jamie Dimon, lamented the loss of her 30-year-career at JPMorgan and defended herself as a "reasonable and diligent" manager.

"Some members of the London team failed to value positions properly and in good faith, minimized reported and projected losses, and hid from me important information regarding the true risks of the book," Drew said.

"I did not (and do not) believe I bore personal responsibility for the losses in the synthetic credit book," she said in her prepared remarks.

Senator John McCain from Arizona, the top Republican on the panel, questioned why Drew and others were transferring blame, saying it was hard to explain. "It seemed that the traders seemed to have more responsibility and authority than the higher-up executives," McCain said.

Dimon was not invited to testify. He has already testified twice before other congressional panels.