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− | US politicians have renewed calls for tighter financial regulation, after JPMorgan Chase bank revealed a trading loss of $2bn (�1.2bn) on Thursday.
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− | The bank's shares plunged by almost 10% on Friday, wiping $14bn from its value.
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− | Democrat Congressman Barney Frank said the scale of the mistakes "blows up" the argument against tighter rules.
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− | JPMorgan boss Jamie Dimon said the losses resulted from a strategy of hedging that was supposed to protect the bank from risk.
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− | But critics disputed his claims, alleging that such losses were more likely to have come from risky bets.
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− | "This is not a hedge," said Democratic Senator Carl Levin, who helped frame the 2010 Dodd-Frank Act on financial regulation.
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− | "This was a major bet on the direction of the economy, and when those kind of bets are lost, we all pay the price."
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− | Other proponents of tighter rules also seized the chance to air their concerns about the regulatory system.
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− | Continue reading the main story
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− | �Start Quote
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− | The shock evinced by Mr Dimon will reignite the debate about whether regulators need to take more decisive action to curb the complexity of investment banks�
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− | End Quote
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− | image of Robert Peston Robert Peston Business editor
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− | * Read more from Robert
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− | Congressman Frank, who also helped to frame the Dodd-Frank Act that bears his name, said: "When a supposedly responsible, well-run organisation could make such an enormous mistake with derivatives, that really blows up the argument: 'Oh, leave us alone, we don't need you to regulate us.'"
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− | JPMorgan weathered the 2008 financial crisis better than most of its rivals, and Mr Dimon emerged as the chief opponent of greater regulation.
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Última revisión de 01:31 13 may 2012