Senator Scott Brown of Massachusetts called on the top executive of JPMorgan to take back the bonuses and any other financial incentives reaped by those responsible for the trading debacle that led to the company’s $2 billion loss.
JPMorgan’s chief executive officer, Jamie Dimon, was grilled Wednesday morning by the Senate Banking Committee as part of Capitol Hill’s inquiries into the huge losses disclosed about a month ago by the investment and banking giant.
“The way for Jamie Dimon to demonstrate his seriousness about the mistakes that led to JPMorgan’s $2 billion trading loss is to take back the bonuses and incentive compensation from those who were involved in the failed London trades, including himself as CEO,” Brown said in a statement distributed by his Washington office.
“The only way to change the culture on Wall Street is to hit people where it hurts – in the wallet. Perhaps then the big banks will think twice about taking unnecessary risks that undermine public confidence in our financial system.”
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This story first ran in the Boston Globe on June 13, 2012.
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