JPMorgan bullied bank regulators, report says [View all]

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http://www.washingtonpost.com/business/economy/jpmorgan-bullied-bank-regulators-documents-and-testimony-show/2013/03/15/bb189da0-8d9f-11e2-9838-d62f083ba93f_story.html


Andrew Harrer/BLOOMBERG - Ina Drew, former chief investment officer with JPMorgan Chase, arrives to a Senate Permanent Subcommittee on Investigations hearing. JPMorgan Chase compensated chief investment office traders in a way that encouraged risk-taking before the unit amassed losses exceeding $6.2 billion, a Senate committee said.

When bank regulators wanted daily profit and loss statements from JPMorgan Chase’s investment division, the bank initially refused.

When examiners issued recommendations the bank didn’t like, executives yelled and called the federal officials “stupid.”

At one point, the top brass at the prestigious bank ambushed a junior bank examiner, becoming “loud and combative” when he disclosed disputed results of an exam.

Those incidents are part of a rare and detailed look into the interactions between Washington regulators and Wall Street, described in congressional testimonies Friday and a Senate report on a massive trading loss at JPMorgan.