Today, JPMorgan shareholders will confront the company CEO Jamie Dimon about that $2.3 billion it lost in a complex, very risky bet. But shareholders will be voting on Dimon’s $23 million pay package along with a proposal for an independent head of the board that could displace Dimon.
All of that is happening this morning as Senate Banking Committee says it will be investigating the trade. A lot of questions here and now, the stunning loss by America’s largest bank is really a reminder of the 2008 financial crisis. It’s also shifting the spotlight on those new banking rules that were supposed to prevent this kind of thing from happening again.
This morning on “Starting Point,” Banking Committee memeber Senator Bob Corker (R-TN) explains why he’s called for a hearing into the JPMorgan Chase loss, and explains why the Volcker rule may not have prevented these types of risky investments.