- Military bans troops from Baptist church event honoring ‘God’s Rescue Squad’
- ‘Pocket drones’: U.S. Army developing tiny surveillance tools for the next big war
- Belgian cafe posts sign: Dogs allowed, but Jews stay out
- Gen. Dempsey: Pentagon studying Russian readiness plans not viewed ‘for 20 years’
- John McCain: Botched, two-hour execution of murderer is ‘torture’
- House GOP ready to move border bill
- Bomb squad called after live WWII artillery washes on Cape Cod beach
- HAYDEN: Intelligence, evidence and the case against Russia
- Ohio university quiz implies atheists are naturally smarter than Christians
- Rep. Henry Cuellar on border crisis: ‘Playing defense on the one-yard line’
Economy Briefs: Dimon plants to apologize to members of Congress
Question of the Day
NEW YORK — JPMorgan Chase CEO Jamie Dimon plans to apologize before members of Congress on Wednesday for a trading loss of more than $2 billion and to say that the bank has taken steps to make sure it does not happen again.
“We have let a lot of people down, and we are sorry for it,” Mr. Dimon plans to tell the Senate banking committee, according to prepared testimony released Tuesday by the bank.
Mr. Dimon plans to say that JPMorgan Chase & Co. mounted a companywide strategy to reduce risk in December 2011, but that it backfired in one of the bank’s divisions by adding risk instead.
Mr. Dimon also plans to say that the bank has named a new leader to the division responsible for the loss, has established a risk committee and is conducting a review of what went wrong.
“While we can never say we won’t make mistakes - in fact, we know we will - we do believe this to be an isolated event,” Mr. Dimon said in the prepared testimony.
The trading loss has revived Democrats’ push for stricter oversight of Wall Street banks, and the Securities and Exchange Commission is reviewing the matter.
GM losses in Europe, pensions are biggest problems, CEO says
DETROIT — When General Motors Co. shareholders complained at their annual meeting about the company’s languishing stock price and the lack of a dividend, CEO Dan Akerson had answers for most of their questions.
The stock is down because of the company’s losses in Europe, its huge global pension liability and overall uncertainty about the economy, he told shareholders Tuesday. And GM is working to fix all the problems it can control, he said.
Dell will pay stock dividends as it shifts business model
TWT Video Picks
Second- and third-stringers eye 2016 if front-runner stumbles
- 'We're coming for you, Barack Obama': Top U.S. official discloses threat from ISIL terrorists
- 'Pocket drones': U.S. Army developing tiny spies for the next big war
- Russia shipping sophisticated weapons systems to Ukraine separatists
- NAPOLITANO: What if our democracy is a fraud?
- Michelle Obama says money in politics is bad, asks donors for 'big, fat check'
- White House readies for House GOP impeachment push: 'Foolish' to ignore
- Hamas rejects Kerry's call for cease-fire; Fears grow others could join fight against Israel
- EDITORIAL: Detroit's water 'spigot bigots'
- Ted Nugent loses second casino gig for 'racist remarks'
- Let it roll: D.C. Council hits Las Vegas on taxpayer's dime, leaves $14,000 tab
Obama's biggest White House 'fails'
Celebrities turned politicians
Athletes turned actors
20 gadgets that changed the world
Fighting in Iraq