FREEDOM PROJECT: FBI launches JPMorgan probe, shareholders back Dimon ...

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FBI launches JPMorgan probe, shareholders back Dimon

Posted on May 15, 2012 
Protestors hold signs and pictures of CEO Jamie Dimon as JP Morgan Chase & Co convenes its annual shareholders meeting at the bank's back-office complex in Tampa, Florida, May 15, 2012. REUTERS/Brian Blanco
 

By David Henry

TAMPA, Florida | Tue May 15, 2012 1:54pm EDT

(Reuters) – The FBI has opened a probe into trading losses at JPMorgan Chase & Co, stepping up the pressure on the bank after the U.S. Securities and Exchange Commission and the Federal Reserve said they were also looking into the wrong-way bets that led to the losses.

Yet at the same time, shareholders backed embattled Chief Executive Jamie Dimon at the bank’s annual shareholders meeting in Tampa, Florida on Tuesday, voting against a proposal to split the jobs of CEO and chairman.

Though shareholders mostly gave Dimon a pass, pressure mounted on the bank to reclaim some of the millions of dollars it paid to the executives who oversaw the trades. Dimon said JPMorgan would pursue more disciplinary action against those who were responsible.

“We will do the right thing. That may well include clawbacks,” he told reporters after the annual meeting.

The timing on any such move was not clear, though, and the various regulatory probes could add complications. A source familiar with the FBI investigation, opened by the agency’s New York office, described it as being at a preliminary stage.

 
 

Related articles – the titles of these articles, alone, suggest something is very wrong in our country! ~J

 
 

 

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