Reports: Justice Dept. Probing JPMorgan's Big Loss | WAMU 88.5 - American University Radio

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 http://www.npr.org/.

NPR

It May Be 'Perfectly Normal,' But It's Also Frequently Banned

It's Perfectly Normal, a 20-year-old illustrated sex-ed book for kids, is meant to teach children about sexual health, puberty and relationships. It's one of the most banned books in America.
NPR

Syrup Induces Pumpkin-Spiced Fever Dreams

Hugh Merwin, an editor at Grub Street, bought a 63-ounce jug of pumpkin spice syrup and put it in just about everything he ate for four days. As he tells NPR's Scott Simon, it did not go well.
NPR

Man Caught At White House Is An Army Veteran

Omar J. Gonzales, the 42-year-old man who the Secret Service says ran onto the White House grounds and entered a door Friday night, is an Army veteran who served in Iraq.
NPR

Drivers, Passengers Say Uber App Doesn't Always Yield Best Routes

People love Uber, but they often complain the Uber app's built-in navigation doesn't give its drivers the best directions. The company says the app helps drivers and passengers travel efficiently.

Leave a Comment

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