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HUMBLE Dimon Admits Internal Mistakes

Dimon Admits Internal Mistakes

While testifying before Congress on Wednesday, JPMorgan Chase chief Jamie Dimon said he couldn’t “defend” the banking house’s $2 billion loss. In his second day of testimony Dimon called the loss “purely management’s mistake,” and he insisted that regulators “won’t stop mistakes, just make them smaller and fewer.” Republican Sen. Bob Corker used his questioning to attack Dodd-Frank, citing another banking chief who said the financial-overhaul bill “really missed the mark”—to which Dimon said, “I don’t know.” Dimon, who said on Tuesday that he was “very sorry” for the error and that the traders didn’t grasp the risk, was greeted by hecklers on Wednesday, who were escorted out.

June 13, 2012 11:55 AM