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JP Morgan Faces Growing Fallout From Bad Stock Deal
JP Morgan’s stock slumped almost 10% at the end of last week on word the banking giant lost $2 billion in a bad trading deal. Now, the fallout from what the company’s CEO calls “a terrible mistake” is intensifying.
FOX News Radio’s Jeff Monosso has more from New York City:
JP Morgan CEO Jamie Dimon, on NBC’s “Meet the Press,” said he was dead wrong when he dismissed concerns last month about the banking giant’s trading practices.
(Dimon) “It’s a very strong company. We made a terrible, egregious mistake there’s almost no excuse for.”
But it was too big of a risk, say critics like Tennessee Republican Rep. Marsha Blackburn, who tells ABC’s “This Week,” was allowed to happen under Democratic rule.
(Rep. Bloackburn) “The Dodd-Frank Bill – 2,300 pages. And this is where you have so much government regulation coming in that you can’t see the forest for the trees.”
JP Morgan’s $2 billion loss came from trading in so-called “credit derivatives.”
In New York, Jeff Monosso, FOX News Radio.