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:
Retype 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

Draghi Price Warning Signals Debate Ahead on QE Obstacle Course

Sunday, 31 Aug 2014 20:52 PM

Between Mario Draghi and quantitative easing lies an obstacle course.The European Central Bank president's signal that h . . .

US Hikes Fee to Renounce Citizenship by 422% to $2,350

Sunday, 31 Aug 2014 20:10 PM

The U.S. has more than quadrupled the fee to renounce citizenship as record numbers of citizens file to become expatriat . . .

Several Swiss Banks Said to Pull Out of US Tax Program

Sunday, 31 Aug 2014 19:34 PM

At least 10 Swiss banks have withdrawn from a U.S. program aimed at settling a tax dispute between them and the United S . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

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