SEC reviewing JPMorgan's filings after $2B loss
Tuesday, May 22, 2012
WASHINGTON (AP) -- Federal regulators are reviewing what JPMorgan Chase told investors about its finances and the risks it took weeks before suffering a multibillion-dollar trading loss.
Mary Schapiro, chairman of the Securities and Exchange Commission, told the Senate Banking Committee Tuesday that the agency is examining JPMorgan's earnings statements and first-quarter financial reports to determine if they were "accurate and truthful."
Schapiro and Gary Gensler, chairman of the Commodity Futures Trading Commission, said the $2 billion-plus loss at JPMorgan should be a lesson for regulators to tighten rules as they draft them under the 2010 financial overhaul law.
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