"This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we have let a lot of people down, and we are sorry for it."
That's part of JPMorgan Chase President and CEO Jamie Dimon will tell the Senate's Committee on Banking, Housing and Urban Affairs tomorrow, when it looks into the botched trades that lost the bank $2 billion. Chase released Dimon's prepared remarks this afternoon.
Last week's assignment of two federal prosecutors to investigate disclosures of national security information might have been the first shot in a new war on leaks. The director of national intelligence is expected soon to announce new measures to fight unauthorized disclosures, and some members of Congress say it could be time for new anti-leaking laws.
In Harlem, a legendary congressman — one of the most influential black politicians in modern history — faced a difficult re-election as allies backed his younger opponent in demanding a changing of the guard.
That was in 1970, when challenger Charles Rangel defeated Rep. Adam Clayton Powell Jr., a mythic figure undone by scandal and frustrated constituents.
Now, 42 years later, Rangel is the iconic lawmaker contending with perhaps his toughest re-election against challengers from within his own party who say his time has passed.