NYT: CFTC Opens Probe Into JPMorgan Trading Loss

Friday, 18 May 2012 11:06 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
The Commodity Futures Trading Commission (CFTC) has opened an enforcement case to examine possible wrongdoing at JPMorgan Chase & Co. in connection with the bank's multi-billion-dollar trading loss, The New York Times said late on Friday, citing people briefed on the matter.

The CFTC would join the FBI and the U.S. Securities and Exchange Commission among federal agencies examining the loss, which the largest U.S. bank said last week was at least $2 billion.

Members of the CFTC also voted on Friday to publicly disclose the existence of its investigation soon, a rare step it reserves for the most serious cases, the newspaper said.

The CFTC has disclosed an investigation into last October's collapse of MF Global Holdings Ltd, a futures and commodities brokerage from where large sums of customer money remain missing.

JPMorgan spokesman Joe Evangelisti declined to comment. The CFTC did not immediately respond to a request for comment.

The bank has not been accused of wrongdoing, and the newspaper said all of the investigations into its trading loss are preliminary.

CFTC Chairman Gary Gensler is expected to reveal his agency's investigation when he testifies before the Senate Banking Committee on Tuesday, the newspaper said.

JPMorgan Chief Executive Jamie Dimon is also expected to testify before that committee, after hearings on Wall Street reforms that are expected to end on June 6.

The CFTC began tracking JPMorgan's trading in April, the newspaper said, when reports surfaced that London-based trader Bruno Iksil was taking big bets in credit derivatives.

Its probe may examine whether the bank's trading affected that market, the newspaper said.


© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

US Stocks Jump Following Strong Corporate Earnings

Thursday, 23 Oct 2014 11:12 AM

U.S. stocks rose sharply, driven by encouraging earnings from companies including Caterpillar, 3M and General Motors. . . .

Atlantic City's Downward Spiral Seen in Sale's Junk-Like Yield

Thursday, 23 Oct 2014 11:57 AM

Investors demanded yields typical of junk-rated debt to buy investment-grade bonds backed by luxury taxes in Atlantic Ci . . .

Two Senators Demand Nationwide Air-Bag Recall

Thursday, 23 Oct 2014 10:57 AM

Two U.S. senators are calling on U.S. auto safety regulators to immediately issue a nationwide recall for cars with faul . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved