Daily News: June 14, 2012

Dimon Fires Back at ‘Complex’ System in Senate Grilling

Bloomberg reported that JPMorgan Chase CEO Jamie Dimon spent much of his time at a hearing where U.S. senators aimed to put him on the defensive firing back at the federal regulatory system.

Bloomberg said that during more than two hours before the Senate Banking Committee, Dimon described a $2 billion loss in the bank’s chief investment office as a hedge that “morphed into something I can’t justify,” and largely blamed subordinates for a trading strategy gone wrong. Dimon said the bank is looking at clawing back some of the compensation earned by those responsible.

According to the Bloomberg story, Dimon said the regulatory system in the wake of the 2010 Dodd-Frank overhaul is “really complex.” Dimon added, “No one can adjudicate between all the various regulatory agencies and it’s not clear to me who has regulatory authority.”

To read the Bloomberg story, click here.