FBI opens inquiry into JPMorgan's $2B loss

(CBS News)--The FBI has opened an inquiry into the $2 billion loss at JPMorgan Chase (JPM), CBS News has confirmed.

A federal law enforcement source told CBS News investigative producer Pat Milton Tuesday that the inquiry is in its initial stages.

Investors have pummeled JPMorgan's stock price since the trading loss was revealed last Thursday. The stock lost 12 percent in two trading days, which amounts to nearly $20 billion in market value. It bounced back on Tuesday, rising 3 percent.

Also Tuesday, JPMorgan Chase CEO Jamie Dimon survived a shareholder push to strip him of the title of chairman of the board. Many of the votes, however, were probably cast before the $2 billion loss was revealed.

At the annual shareholder meeting in Tampa, Dimon also won an endorsement of his pay package from last year, which totaled $23 million, according to an Associated Press analysis of regulatory filings.

Dimon, unusually subdued, told shareholders at the meeting that the company's mistakes were "self-inflicted." Speaking with reporters later, he added: "The buck always stops with me."

Most of the shareholder ballots were cast in the weeks before Dimon revealed the trading loss.

His pay package passed with 91 percent of the vote. The vote to strip him of the chairman's title won only 40 percent support. The bank did not announce separate results from before and after the loss was revealed.

Dimon was confronted at the meeting by shareholders upset about the trading loss, which has rattled investor confidence in the bank and complicated JPMorgan's efforts to fight tougher regulation of Wall Street.

Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate, said that investors had heard Dimon apologize before for the foreclosure crisis and other problems.


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