Massachusetts Senator Wants JPMorgan Chase To Claw Back Bonuses, Incentive Pay
BOSTON (AP) _ U.S. Sen. Scott Brown is urging JPMorgan Chase CEO Jamie Dimon to take back bonuses and incentive pay from those involved in risky trading that led to a $2 billion loss.
Brown said Wednesday that taking back the bonuses, including any money Dimon might have received, would demonstrate the bank is serious about fixing the mistakes that led up to the loss.
Brown’s comments came as Dimon told Congress that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.
Brown’s Democratic challenger Elizabeth Warren has called on Dimon to resign from the Board of Directors of the New York Federal Reserve Bank.
Warren also called on Congress to pass new rules to prevent banks from “high-risk gambling.”
(Copyright 2012 by The Associated Press. All Rights Reserved.)