|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
Regulator Concedes Oversight Lapse In JPMorgan Loss
Ben Protess
The New York Times DealBook. June 6, 2012
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EXCERPT: The front-line regulator charged with overseeing JPMorgan Chase conceded on Wednesday that his agency stumbled when it overlooked a multibillion-dollar trading loss that has damaged the bank’s image and stock price. At a Senate Banking Committee hearing, the comptroller of the currency, Thomas J. Curry, faced the brunt of the scrutiny, including a fiery round of questions from Senator Sherrod Brown. The Ohio Democrat asked whether the agency met a broad “standard that it set for itself.” Mr. Curry replied, “No, not in this particular case.” “We would expect to be aware of significant risks,” he said in his first Congressional testimony since taking the helm of the comptroller’s office in April. Mr. Curry disclosed that the agency was conducting “a critical self-review,” which he said he hoped would be completed in the next several weeks. The hearing on Wednesday was the second in a string of inquiries planned to examine JPMorgan’s loss. The hearing included testimony from officials at four other federal agencies: the Federal Reserve, Treasury Department, Consumer Financial Protection Bureau and Federal Deposit Insurance Corporation. In May, the committee called the leaders of the Commodity Futures Trading Commission and Securities and Exchange Commission, which also regulate JPMorgan, to testify after the company disclosed that it lost at least $2 billion on dubious derivatives trading. |
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