The SEC is investigating this incident.WASHINGTON -- JPMorgan Chase faced intense criticism Friday for claiming that a surprise $2 billion loss by one of its trading groups was a result of a sloppy but well-intentioned strategy to manage financial risk.
More than three years after the financial industry almost collapsed, the colossal misfire was cited as proof that big banks still did not understand the threats posed by their own speculation.
Surprisingly, there are plenty of politicians who want less regulation in the banking industry. To them, I have but one question.....
Are you guys all on drugs?
Article is here.