NPR : News

Filed Under:

Reports: Justice Dept. Probing JPMorgan's Big Loss

Play associated audio

The Justice Department has begun looking into JPMorgan Chase's $2 billion-and-counting loss from a hedge account, The Wall Street Journal reports. It cites "a person familiar with the matter" as its source.

The Journal adds that "the probe is at an early stage and it isn't clear what possible legal violation federal investigators may be focusing on."

The Securities and Exchange Commission is already conducting its own probe into the bank's billion dollar blunder.

Meanwhile, at JPMorgan's annual shareholder meeting today in Tampa, CEO Jamie Dimon "survived a shareholder push ... to strip him of the title of chairman of the board," The Associated Press reports, and "won a shareholder endorsement of his pay package from last year, which totaled $23 million."

During the meeting, Dimon said the trading loss, "should never have happened. I can't justify it. Unfortunately these mistakes were self-inflicted." He pledged to learn from the mistakes "and fix them."

Update at 12:35 p.m. ET. Reuters Says New York Office Of The FBI Is Leading The Probe:

"The New York office of the FBI has opened an investigation into JPMorgan Chase & Co's $2 billion trading loss, a source familiar with the probe said on Tuesday. The source, who requested anonymity because the investigation is ongoing, said the probe was in a 'preliminary' stage."

Copyright 2012 National Public Radio. To see more, visit


Historic Art, Luxury Apartments Battle Over Berlin's Famous Wall

A stretch of the old Berlin Wall has stood for decades as an open-air gallery, covered in fine art and graffiti. Bids for luxury developments in the area have artists hitting the streets in protest.

Mark Bittman Is Stepping Down, But He Still Has More To Say About Food

One of the most influential food writers in recent years is leaving his job at The New York Times — to join a California food startup. "This is a calling, in a way," he says.

The Week In Politics: Bush, Trump And Rubio Trade Jabs

With just four months until the Iowa caucuses, the rhetoric among three GOP candidates has turned sharper. This week, Donald Trump, Jeb Bush and Marco Rubio honed attacks on each other.

#MemeOfTheWeek: That Article From The Onion About Mass Shootings

The article reveals what the writers really feel about mass shootings in America, something mainstream media couldn't do.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.