Comptroller Dropped Ball On $2B JPMorgan Loss, Sens. Hear

Law360, New York (June 6, 2012, 2:31 PM EDT) -- Comptroller of the Currency Thomas Curry on Wednesday told a U.S. Senate panel that his agency's examiners did not meet “heightened” expectations for bank supervision because they missed the trades that have cost JPMorgan Chase & Co. at least $2 billion.

Along with Curry, other banking regulators responsible for finalizing the Dodd-Frank Act's proprietary trading ban told the Senate Banking Committee that JPMorgan's trading losses were informing how they plan to move forward with the so-called Volcker Rule and emphasized the necessity of increased levels of...
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