Shoddy Risk Practices Fueled $2B JPMorgan Loss: Watchdogs

Law360, New York (June 19, 2012, 5:38 PM EDT) -- Failures in JPMorgan Chase & Co.'s risk management practices fueled the bank's recent trading loss of at least $2 billion, highlighting the need to quickly implement the Dodd-Frank Act's pending ban on proprietary trading and limits on derivatives trading, regulators told lawmakers Tuesday.

The regulators tasked with overseeing JPMorgan — the Federal Reserve, the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission — told the U.S. House Financial Services...
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