Dimon Gives Regulators New Ammunition for Volcker Rule
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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon conceded a key point when pressed by lawmakers about a proposed ban on proprietary trading at banks: Had the rule been in place, it may have prevented the firm’s recent $2 billion loss.
The ban “may very well have stopped parts of what this portfolio morphed into,” Dimon said yesterday in testimony to the Senate Banking Committee.