Fox News
Expand
Browse All Video
Watch Live

You're watching...

Head of JPMorgan Chase faces the music in Florida

Details

  • Description

    Jamie Dimon apologizes to stockholders after major loss

  • Duration 2:16
  • Date

Clips

Also in this playlist...

Latest Business

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Getting the two billion dollar plus trading loss at JPMorgan Chase the head of the company face the music and the shareholders today in Florida.

Fox Business Network senior Washington correspondent Peter -- shows us what happened.

As public anger at JPMorgan Chase bubbled up.

A law enforcement official confirmed that the Justice Department and FBI opened an investigation into the bank's two billion dollar trading -- The official said authorities have an obligation to look into it.

But emphasized they have no indication that the bank broke any laws.

News of the probe broke after the bank's annual shareholders meeting in Tampa Florida.

Inside CEO Jamie diamond apologize to investors for making risky bets with hybrid securities.

-- -- -- -- Complex poorly conceived poorly vetted and poorly executed.

Still shareholders endorsed a multimillion dollar pay package for -- -- earned an estimated 23 million dollars last year.

But most investors cast their votes before diamond disclosed the trading loss last week.

I still think that these companies should be allowed to take as much risk is they choose to take effect that would be really disappointed.

If JPMorgan reduce its willingness to take risks as a result of this because I want the company to make money.

President Obama hinted at the Justice Department probe in an interview for ABC's the view the president gave diamond and his bank a vote of confidence.

But used it to push for tougher bank rules.

JPMorgan is one of the best managed -- there is Jamie Dimon boot to the head of it is one of the smartest backers we -- And they still lost two billion dollars in -- Precisely because they were making -- In this these derivative markets we don't know all the details yet it's going to be investigated but this is why we passed Wall Street reform.

After the shareholders meeting Dimon told analysts quote the buck always stops -- me.

Now some members of congress want him to testify about the box the bank lost -- -- scheduled hearings here in Washington Brett.

Peter thank you more on this with the.

Load More