DOJ launches probe into JP Morgan Chase’s $2 billion loss

By Andrew Jones
Tuesday, May 15, 2012 13:42 EDT
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JP Morgan CEO Jamie Dimon. Screenshot via NBC
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The Department of Justice (DOJ) announced Tuesday afternoon that it will launch an investigation into JP Morgan Chase’s $2 billion derivatives trading loss, according to a law enforcement official.

The official, who according to Reuters spoke on the condition of anonymity since the decision was originally private, said the investigation was in its early stages and did not cite if any laws were violated.

The DOJ’s decision was made after JP Morgan Chase’s shareholders voted to allow CEO Jamie Dimon to keep his $23 million paycheck and his chairmanship.

The Securities and Exchange Commission and the Federal Reserve have already launched their own investigations into the loss.

Massachusetts Democratic Senate candidate Elizabeth Warren called on Dimon to resign from his position Monday.

Andrew Jones
Andrew Jones
Andrew Jones is a staff writer/reporter for Raw Story. Besides covering politics, he is also a freelance sports journalist, as well as a slam poetry and music artist. You can follow him on Twitter @sluggahjells.
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