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June 4, 2012

Oversight of J.P. Morgan Probed

A federal agency that oversees J.P. Morgan Chase & Co. is taking heat over how much it knew about risk-taking in the part of the bank that suffered more than $2 billion in trading losses.

Sen. Sherrod Brown (D., Ohio) asked Comptroller of the Currency Thomas Curry in a letter Friday for details about the regulator’s supervision of trading operations at the largest U.S. bank by assets. Mr. Brown also wants more information about the Office of the Comptroller of the Currency’s “process for reviewing trading operations” at J.P. Morgan and other big banks.

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