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JPMorgan is facing increasing pressure to explain recent losses. Last week, the world's largest bank disclosed a loss of at least $2billion from trades that were supposed to protect the firm fromrisk. Now the FBI is looking into whether any laws were broken,and shareholders are looking for assurances that it won't happenagain. Just days after JPMorgan Chase reported the loss, Jamie Dimon, thebank's embattled CEO, apologized to shareholders. "This shouldhave never happened. I can't justify it. Unfortunately, thesemistakes were-self inflicted," Dimon said. On Tuesday, the FBI said it was launching a probe. And, onWednesday, lawmakers held a hearing to determine if new regulationsare needed. New laws that go into effect in July would limit somebanks from making proprietary bets with publicly-insured money. Financial strategist Peter Cardillo blames the new regulations onWall Street's appetite for high-risk gambles. "There's noquestion, derivatives have turned Wall Street into a casino.There's no question about that," Cardillo said. Although Cardillo has concerns about a rush to over-regulate,Treasury Secretary Timothy Geithner says the JPMorgan fiasco makesa powerful case for stronger financial oversight. "The test of reform is not whether you can prevent banks frommaking mistakes, errors of judgement Risk management, that's goingto happen. That's inevitable. The test of reform should be dothose mistakes put at risk the broader economy, the financialsystem or the taxpayer?," Geithner said. Ironically, JPMorgan's Dimon has been among the harshest critics ofWall Street reform. But shareholder Peter Skillern wonders who'swatching their CEO -- who also happens to be the company'schairman. "So who oversees that unit? Jamie. Who oversees Jamie? Jamie. That's the problem. He's his own boss," Skillern said. Despite their concerns, shareholders demonstrated support for theirchairman -- voting against a proposal to split his position intotwo separate jobs. Outside, protesters threw eggs at a picture ofDimon and expressed a litany of complaints against what they callthe "fat cats" of Wall Street. "The big banks need to be broken up, as well as reducingprincipal for homeowners that are underwater with their mortgagesand clearly for them to stay out of, keep their money out ofpolitics, which is really destroying our democracy right now,"one protester said. JPMorgan's trading blunder has already prompted severalresignations. Analysts say more employees are likely to lose theirjobs. The e-commerce company in China offers quality products such as Led Road Lamp , Led Ceiling Panel Manufacturer, and more. For more , please visit High Bay Led Lights today!
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