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June 3, 2013

J.P. Morgan spending on lobbying dwarfs rivals

“J.P. Morgan Chase & Co. spent more than $3 million in the fourth-quarter of 2012 on special interest lobbying, which was the most for the firm in any quarter going back to 2008, which is when quarterly disclosures began, according to the Center for Responsive Politics.

The chart above shows the firm’s spending spiked in the fourth-quarter of last year, when it was embroiled in the “London Whale” scandal, which led to shareholder pressure to strip Chief Executive Jamie Dimon of Chairman title.

The firm’s spending on lobbying in the quarter dwarfs that of its closest peers, including Goldman Sachs Group Inc., Morgan Stanley, Bank of America Corp. and Citigroup Inc.

J.P. Morgan incurred massive trading losses in 2012 from inside its chief investment office that brought shareholder and congressional scrutiny and raised questions about the firm’s management.”

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Read the full MarketWatch article here

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