Dimon: More Regulation Would Not Have Prevented Losses

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Originally published at Fox Business
J.P. Morgan CEO Jamie Dimon said Wednesday that no amount of regulation could have prevented the $2 billion in losses that rocked his bank earlier this year after a huge bet went bad. “It's purely management's mistake,” he said during questioning by members of the Senate Banking Committee. Dimon said "strong" regulation is more effective than "more" regulation. J.P. Morgan's shares rose $1.12, or 3.32%, to $34.89 following Dimon's nearly two hours of testimony. Broader markets are essentially flat. Several protesters who attempted to disrupt the hearing were led out of the chamber prior to the start of the hearing. Dimon, dressed in a dark blue suit, didn't acknowledge the disruptions. Dimon repeatedly admitted that the traders responsible for the losses were blindsided when the risks they took spiraled out of control. The CEO appeared before the committee to answer questions related to the massive losses. The Securities and Exchange Commission has said it will investigate whether J.P. Morgan notified investors of the losses in a timely manner. Continue reading this article
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