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

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opednews.com Headlined to H3 5/15/12

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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, 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.'
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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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