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JPMorgan Chase CEO says $2 billion trading loss was ‘self-inflicted’; vows better regulation

By The Associated Press A poster of JPMorgan Chase CEO Jamie Dimon is covered with eggs thrown by protesters outside the gate of the JPMorgan Chase annual stockholders’ meeting, Tuesday in Tampa, Fla. Associated Press TAMPA, Fla. — JPMorgan Chase CEO Jamie Dimon, facing shareholders five days after the bank disclosed a $2 billion trading loss, said Tuesday that the company’s mistakes were “self-inflicted.”Dimon, speaking at the company’s annual meeting, also said the company supports better and smarter financial regulation.Almost immediately, he faced a proposal to strip him of his chairman’s title. Lisa Lindsley, director of capital strategies for an influential union of public employees, said independent board leadership was in shareholders’ best interest.“An all-powerful CEO is his own boss,” she said. “Looking for an infallible CEO is a fool’s errand.” Dimon was expected to win the vote to keep the title of chairman and to win a non-binding vote on his $23 million pay package from last year. Most ballots were cast before Dimon disclosed the trading loss Thursday.Peter Skillern, executive director of Reinvestment Partners, a nonprofit that holds JPMorgan stock, said he planned to speak at the meeting to encourage Dimon to resign from the board of the Federal Reserve’s New York branch.He said he would also support stripping Dimon of the chairman’s title.“He can’t be his own boss and his own regulator,” Skillern said. “It’s not about whether Jamie Dimon is a good leader. It’s about checks and balances and separation of power.”Investors have pummeled JPMorgan’s stock price since the loss was revealed. The stock has dropped 12 percent and lost almost $20 billion in market value.There was a heavy police presence at the meeting, in an office park east of downtown Tampa. Continued… 1 2 See Full Story

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