JPMorgan is under some scrutiny for activities which resulted in a recent $2 billion loss (the number is likely much larger.) Though we have argued that JPMorgan has nothing to fear from the Obama camp, JPMorgan wants to make absolutely sure that their bases are covered.
That is why Jamie Dimon and Co. have hired ex-SEC enforcement chief William McLucas.
This is an interesting situation. Eric Holder, the attorney general, hails from a law firm which specializes in defending banks from regulatory attacks. Now defending JPMorgan from the regulators is the former head law enforcer at the SEC.
The financial world has become bizarro world. Perhaps it has always been.
And by the way, JPMorgan’s current top lawyer, Stephen Cutler, is also a former head of enforcement for the SEC.