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US bank executive apologizes for loss

[ 2012-06-14 16:23]

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The head of America's biggest bank has apologized for risky dealings that incurred a $2 billion loss - an unwelcome echo of the 2008 financial crisis that plunged the United States into the deepest recession of the post-World War II era. JP Morgan Chase executive Jamie Dimon faced questioning from US senators.

It was four years ago that a cascading failure of America's biggest financial institutions triggered massive federal bailouts and legislation designed to curb risk-taking.

News of substantial new losses at JP Morgan Chase has renewed debate on the result of those reforms.

Chief Executive Officer Jamie Dimon: "We have let a lot of people down, and we are very sorry for it."

Dimon explained that a new investment model designed to reduce risky financial dealings actually increased risk exposure.

And he offered this overall assessment of the country's private banking sector. "I do think that since the [2008 financial] crisis - and you should have comfort in this - banks are better capitalized," he said. "They have more liquidity. There is more transparency.

The free-enterprise system in the US thrives on risk-taking. But lawmakers have concerns.

Senator Banking Committee's chairman Tim Johnson: "While risk cannot be eliminated from our economy, we can and must demand that banks take risk management seriously, and maintain strong controls," he said.

Implementation of federal financial reforms is ongoing. JP Morgan Chase's Jamie Dimon was asked if those reforms are making America's financial system safer. His response: "I do not know."

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（來源：VOA 編輯：旭燕）

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