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JPMorgan CEO Dimon Apologizes on Capitol Hill

JPMorgan Chase’s top executive is telling Congress what happened with his bank’s big investment losses.

FOX News Radio’s Rich Johnson reports on Capitol Hill:

Audio clip:

A major mea culpa from Chase CEO Jamie Dimon over attempts by the bank’s ‘Chief Investment Office’ to reduce its exposure to big financial calamities.

(Dimon) “This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we’ve let a lot of people down, and we are sorry for it.”

But Dimon also stressed  to the Senate Banking Committee, all the losses were the bank’s own money. And he says it is likely that some top executives will have to give them back some of their pay — what’s known as “clawbacks”.

On Capitol Hill, Rich Johnson, FOX News Radio.


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One Comment

  1. Harris Conway

    June 13, 2012 at 5:34 pm

    I am a lumber broker for a small firm…I was once a major stockholder.
    I decided to personally gurantee an account over the credit limit that
    was set .When the customer went out that "claw" you mentioned racked from my account the amount over the limit…ouch…I ve never done it again….sounds like JP Morgan has more sense to keep that loss in-house and not jepordize investors. It seems some have put the "claw back" to investors and walking away with fat bonuses…I know what it feels like to make call and take the loss…not as big as some of your departing staff…still….I wish the best for them and their families.

    I have scares from the'claw" but thats ok. They just remind me what not to do again…..adieu