JP Morgan is not owned by Jews

Justice Dept. launches criminal probe into JPMorgan’s $2B trading loss

View Photo Gallery — JPMorgan trading loss one of the biggest in recent history: On May 10, JPMorgan Chase announced that it had suffered $2 billion in trading losses, becoming the latest financial firm to have a major trading disaster. Our friends over at Bloomberg have put together a list of the biggest trading mistakes over the years. We take a look at the five most recent blunders.

By Jia Lynn Yang and Sari Horwitz, Tuesday, May 15, 12:42 PMThe Washington Post

The Justice Department has initiated a criminal probe into the $2 billion trading loss at JPMorgan Chase, according to a law enforcement source familiar with the situation.
The inquiry is at a very early stage, said the person who spoke on condition of anonymity since the matter is private. It is unclear what laws may have been violated. Dean Boyd, a Justice spokesperson, declined to comment

The news came as Jamie Dimon ( Greek Orthodox NOT JEWISH   Occupy so go picket that Church), the embattled chief executive of JPMorgan Chase, faced questions from shareholders Tuesday about the company’s recent $2 billion trading loss, its lobbying on new financial regulations and Dimon’s post on the board of the Federal Reserve Bank of New York.
Dimon opened the annual shareholder meeting in Tampa, Fla., which lasted for less than an hour, by speaking rapidly about the bank’s surprising trading loss, calling the mistakes “self-inflicted.”
“This should never have happened,” Dimon said.
The company’s multibillion-dollar misstep has rekindled questions about whether regulators are equipped to monitor banks making risky, complex trades.
Earlier Tuesday, Treasury Secretary Timothy F. Geithner said at an event that the JPMorgan loss strengthens the case for financial regulation. Geithner said that regulators are “going to take a very careful look at this incident.”
Shareholders at the Tampa meeting voted on various proposals, including one that would split the roles of chief executive and chairman of the board of JPMorgan. The proposal, often recommended by corporate governance experts, did not pass.
During a question-and-answer period, a shareholder pressed Dimon on reports that the bank was lobbying to water down regulations, including a rule that would force banks to spin off trading operations that exist primarily to pad their profits.
Dimon said JPMorgan supports “the intent” of the rule, named after former Federal Reserve Chairman Paul Volcker.
“We believe in strong, simple, good regulation,” said Dimon, saying it’s “not simply a question of more or less” oversight.
Dimon has also come under criticism for his post on the board of the Federal Reserve Bank of New York, which regulates JPMorgan. Critics charge that his seat threatens the regulators’ independence.
Dimon said Tuesday that he is “not involved at all in the supervisory side” of the New York Fed. “It’s not like a board,” said Dimon. “It’s more like an advisory group in my opinion.”