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JPMorgan's blunder amplifies calls for tighter regulation
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| Contributor | RP |
| Last Edited | RP May 11, 2012 05:07pm |
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| Category | Oops |
| Author | John W. Schoen |
| News Date | Friday, May 11, 2012 06:05:00 PM UTC0:0 |
| Description | Major banks hoping to thwart calls for tighter banking restrictions were dealt a blow by news that JPMorgan Chase lost $2 billion in a trading blunder that proponents of new rules say more stringent regulation would curtail.
The spectacular trading meltdown came despite assurances from bankers that existing layers of regulations, internal safeguards and proper oversight are adequate to prevent such disasters. Those critical mechanisms failed to surface a sprawling series of bad bets that reverberated through the global financial markets.
JPMorgan's shares were slammed Friday after Jamie Dimon, CEO of the largest bank in the U.S., said in a conference call late Thursday that his bank's trading losses resulted from a 'flawed' hedging strategy that was "poorly constructed, poorly reviewed, poorly executed, and poorly monitored." |
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