Anyone keeping up with the latest?
From a Reuters
articleon the matter: "Tuesday will be the second time that U.S. financial regulators, as well as JPMorgan Chief Executive Jamie Dimon, have appeared before lawmakers to answer questions about how a hedging strategy using credit derivatives suddenly led to at least $2 billion in losses.
Dimon's testimony prepared for the House hearing is nearly identical to that which he delivered to the Senate Banking Committee last week. At that hearing, Dimon declined to defend the losses but remained critical of regulatory efforts to curb Wall Street."
Apparently, $2 billion is just a drop in the bucket for JP Morgan & Chase.
I hope banking regulations gut their power.