FBI Investigation: JPMorgan in the Hot Seat
Robert Mueller, director of the Federal Bureau of Investigation, confirmed Wednesday that the agency has opened a “preliminary investigation” into JPMorgan Chase (NYSE:JPM) over a headline-making trade loss estimated at more than $2 billion.
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JPMorgan, the nation’s largest bank, disclosed the multi-billion dollar loss last week, saying it was due to a failed hedging strategy. JPMorgan CEO Jamie Dimon, appearing on NBC’s “Meet the Press” on Sunday, said the loss was a “terrible, egregious mistake.”
A person familiar with the matter told the press on Tuesday that the FBI’s New York office had opened a preliminary probe into the loss. Mueller today confirmed that information in testifying before the Senate Judiciary Committee.
However, Mueller stressed that is investigation is only preliminary, as the FBI has yet to ascertain whether JPMorgan acted wrongly in any way.
He also said the timing of the investigation “depends on a number for factors,” though he offered no elaboration.
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