Report: Justice Department Probes JPMorgan Chase Loss
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The U.S. Justice Department has reportedly launched a criminal investigation into the massive trading loss announced by JPMorgan Chase.
The Washington Post reports the probe into the $2 billion blowup has just gotten underway, but it comes as company CEO Jamie Dimon survived a shareholder push Tuesday morning to strip him of the title of chairman of the board.
Dimon also won an endorsement of his pay package from last year at the bank's annual shareholder meeting, but told investors the company's mistakes were "self-inflicted."
In an interview on ABC's "The View" Tuesday morning, President Barack Obama said even though JPMorgan is one of the best-managed banks, it still lost big because of bad bets on complex derivatives.
"This is why we passed Wall Street reform. The whole point was even if you're smart, you can make mistakes," the president said.
It's not yet clear what laws - if any - may have been broken by the company's actions.