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/.

WAMU 88.5

A Conversation With American Ballet Theatre's Misty Copeland (Rebroadcast)

Acclaimed ballerina Misty Copeland joined Diane to talk about her remarkable career and how she is challenging physical stereotypes that she says keep ballet stuck in the past.

NPR

Why The World Might Be Running Out Of Cocoa Farmers

West African cocoa farmers earn less than $1 a day. Those low wages could jeopardize the future of chocolate labor, as young farmers find better opportunities to earn a living, a new report warns.
NPR

#NPRreads: The 'Grexit' And Fleeing The Rwandan Genocide

Also this week, misconceptions about slavery. And, the struggle for gay Christians trying to keep the faith.
NPR

Pilot In Solar-Powered Plane Sets Aviation Record

André Borschberg, flying Solar Impulse 2, set a new record of 120 hours in the cockpit on a journey from Japan to Hawaii.

Leave a Comment

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