Volcker Rule Might Have Prevented $2B JPMorgan Loss: Dimon

Law360, New York (June 13, 2012, 4:10 PM EDT) -- JPMorgan Chase & Co. Chairman and CEO Jamie Dimon on Wednesday told lawmakers that the Dodd-Frank Act's pending ban on proprietary trading may have prevented at least some of his bank's recent $2 billion trading loss, but said the ban was unnecessary and impossible to get right.

In an appearance before the Senate Banking Committee, which produced occasional heat but largely featured deferential questioning from the senators, Dimon said that while the original investments on synthetic credit derivatives placed by JPMorgan's Chief Investment Office started out...
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