JP Morgan CEO Says he was 'Dead Wrong' to Dismiss Concerns About Bank's Trading

By: Associated Press
By: Associated Press

The CEO of JPMorgan Chase says he was "dead wrong" to dismiss concerns about the bank's trading and he now expects to pay a price beyond the $2 billion in losses the bank incurred.

Lawmakers are saying that price is likely to be tighter regulations.

JPMorgan CEO Jamie Dimon tells NBC's "Meet the Press" that the bank's $2 billion trading blunder damaged the bank and its credibility. Just last month, Dimon played down the worries about the bank's trading as a "tempest in a teapot," but he now says his team made an "egregious" and "almost" inexcusable mistake.

A piece of the financial regulation known as the Volcker rule would prevent banks from certain kinds of trading for their own profit. But banks have been trying to weaken it.

Sen. Carl Levin tells NBC that banks have been pushing a loophole that would exclude the trading that led to JPMorgan's massive loss.

The Michigan Democrat predicts the banks will lose that fight.

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