May 13, 2012 |
WASHINGTON - JPMorgan Chase CEO Jamie Dimon acknowledged Sunday that his company's $2-billion trading loss could empower government regulators seeking to place tighter controls on risky trades by large banks. "This is a very unfortunate and inopportune time to have had this kind of mistake," Dimon said in an interview on NBC's "Meet the Press" with David Gregory. But the head of America's largest bank brushed aside the suggestion that the loss underscored the persistent risk posed by mismanagement at large banks more than three years after a financial crisis that forced billions of dollars in taxpayer bailouts.
June 13, 2012 |
Jamie Dimon again proved himself Wall Street's able frontman in Washington, but his testimony on Capitol Hill may not head off tougher banking regulations in the wake of JPMorgan Chase & Co.'s risky trading losses. Dimon, JPMorgan's chairman and chief executive, appeared at ease with lawmakers as he fielded questions -- some aggressive, but most deferential -- at a Senate Banking Committee hearing Wednesday about his bank's trading losses of more than $2 billion. Although the hearing focused on how JPMorgan's embarrassing loss occurred, the two-hour session veered into larger debates over financial regulations -- putting Dimon in a familiar role of Wall Street's savvy, shoot-from-the-hip spokesman.
April 23, 2013 |
WASHINGTON - Republicans have stepped up their pressure to limit the wide-ranging powers of the nation's watchdog over consumers' money matters. The head of a key House committee overseeing the Consumer Financial Protection Bureau said he would no longer accept the testimony of Richard Cordray, the bureau's director, before his panel because he doesn't believe Cordray was legally appointed to his post. Cordray, who delivered his semi-annual report to the Senate Banking Committee on Tuesday, was set to do the same in coming weeks in the House, as required by law. But Rep. Jeb Hensarling (R-Texas)
November 9, 2010 |
A fight is heating up this week over who will lead a key House committee as the new Republican majority forms its response to the still-struggling economy, the housing industry malaise and the tougher financial regulations it wants to curtail. In one of the few contested leadership races among House Republicans, veteran Rep. Ed Royce of Fullerton has launched a rare public challenge to the lawmaker in line to chair the House Financial Services Committee, Rep. Spencer Bachus of Alabama.
May 11, 2012 |
CHARLOTTE, N.C. - Campaigning in North Carolina on Friday, Mitt Romney made no mention of two of the biggest issues in the news this week - the revelation of a $2-billion trading loss by JPMorgan Chase & Co. and the state's vote earlier this week for an amendment to the state Constitution banning gay marriage. Instead Romney largely stuck to his usual stump speech at a pipe factory here on the outskirts of downtown Charlotte, lamenting the state of the economy at a facility where the owner proudly noted that they had been able to avoid layoffs for 30 years.
February 2, 2012 |
Treasury Secretary Timothy F. Geithner has a message for voters as they listen to Republican presidential candidates call for repeal of the 2010 Dodd-Frank financial overhaul law: Remember the pain. "I would say remember 2008 and 2009," Geithner told reporters during a news conference touting the benefits of the overhaul. "Remember the fact that the reason why we're living with very high unemployment with millions of Americans that have lost their homes, terrible damage to the basic economics of America is because of the failures that caused this crisis in the financial system," he said.
February 2, 2012 |
Treasury Secretary Timothy F. Geithner has a message for voters as they listen to Republican presidential candidates call for repeal of the 2010 Dodd-Frank financial overhaul law: Remember the pain. "I would say remember 2008 and 2009," Geithner told reporters Thursday during a news conference touting the benefits of the overhaul. "Remember the fact that the reason why we're living with very high unemployment with millions of Americans that have lost their homes, terrible damage to the basic economics of America is because of the failures that caused this crisis in the financial system.
July 11, 2013 |
Republicans in the Senate say they have no problem with Richard Cordray, the man President Obama appointed to lead the Consumer Financial Protection Bureau. They just won't allow a vote to confirm him until his position is weakened enough to please their allies on Wall Street. It's a cynical attempt to neuter a law that Republicans don't have the votes to change, and it is so frustrating to Senate Democrats that they are threatening to roll back the minority's power to filibuster nominees.
June 19, 2012 |
WASHINGTON -- JPMorgan Chase & Co. Chief Executive Jamie Dimon on Tuesday defiantly defended his lobbying against some new financial regulations as he faced tough questioning by lawmakers about the bank's huge trading loss. Appearing before a congressional committee for the second time in less than a week, Dimon again said the bank was sorry for the more than $2-billion loss. But he downplayed the consequences for the company and the financial system, saying JPMorgan soon would report a solid profit for the second quarter of the year.