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May 11, 2012

JPMorgan Chase loss will be scrutinized, SEC's Mary Schapiro says

Regulators are looking into the $2-billion trading loss by JPMorgan Chase & Co., the head of the Securities and Exchange Commission said Friday as lawmakers and analysts said the bank’s revelation would increase pressure for tighter financial rules.

“I think it’s safe to say that all the regulators are focused on this,” SEC Chairwoman Mary Schapiro told reporters after a speech at a Washington conference, according to news reports. She would not comment further.

Dennis Kelleher, president of Better Markets, a nonpartisan group advocating financial reform, said a strong Volcker Rule is needed to limit risky bets by large banks.

“Jamie Dimon and JPMorgan Chase just proved what anyone not getting a paycheck from a Wall Street bank already knows: gigantic too-big-to-fail banks are too big to manage,” Kelleher said. “They must not be allowed to continue to threaten our financial system and our economy.”


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