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James Dimon, Chairman and CEO of JP Morgan Chase, attends a panel on finance at the Clinton Global Initiative in New York City.
JP Morgan Chairman and CEO Jamie Dimon faced shareholders Tuesday at the firm's annual meeting in Tampa, Fla. He explained how the bank lost $2 billion in a trade that was supposed to protect them against losses in other investments.
There have been some indications that the bad deal may end up costing the bank even more than $2 billion — news of it has already stripped $20 billion from the overall value of JP Morgan's stock.
It's also stepped up calls for stronger regulations over big financial firms like JP Morgan. But didn't Congress already pass financial reform in 2010, known as Dodd-Frank? And didn't it include a provision, called the Volcker rule, that should have prevented the kind of speculative trading that burned JP Morgan?
John Carney, senior editor at CNBC.com.