CEO Jamie Dimon Calls Volcker Rule 'Unnecessary'

JPMorgan Chase CEO Jamie Dimon told the Senate Banking Committee that the trades that led to billions in losses were placed by traders who didn't understand the risks they were taking, which could not have been prevented regulation. He called the bad trades an "isolated event" that won't happen again. Jim Sinegal, director of financial services research at Morningstar, an investment firm, said the most "useful" part of the testimony was the continued discussion of the Volcker rule. "I think...Full Story