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JP Morgan Chase\u2019s Chief Investment Officer resigned this morning. Ina Drew announced she will retire after a weekend of speculation that she and other top executives at the bank would leave in the wake of last week\u2019s revelation that risky bets resulted in a $2 billion loss at the nation\u2019s biggest bank. Meanwhile, the Securities and Exchange Commission is reportedly investigating JP Morgan Chase. Anonymous sources told the New York Times last week that the SEC opened an investigation into the bank about a month after reports that a JP Morgan trader was making huge bets that \u201cdistorted the market.\u201d The Times also reported that CEO Jamie Dimon, who has been a tireless campaigner against bank regulation, initially called increased scrutiny into the trading activity \u201ca tempest in a teapot.\u201d <\/p>\nOn Thursday, Dimon appeared changed and somber as he publicly announced that his bank lost at least $2 billion on risky bets due to, in his words, \u201cegregious mistakes \u2026errors, sloppiness, and bad judgment.\u201d In addition to the SEC, British as well as other US regulators are reportedly investigating. Over the weekend Massachusetts Senate Candidate Elizabeth Warren, who became nationally known as the creator and strongest advocate of the Consumer Financial Protection Bureau, called for Dimon to resign from the board of the Federal Reserve Bank of New York. Warren stated, \u201cDimon should resign from his post at the New York Fed to send a signal to the American people that Wall Street bankers get it and to show that they understand the need for responsibility and accountability.\u201d<\/p>\n
GUEST: David Dayen, political reporter at www.FireDogLake.com<\/a><\/em><\/p>\n