BREAKING NEWS

JPMorgan is big donor to presidential campaigns

By REUTERS

MAY 12, 2012 00:19

WASHINGTON - JPMorgan Chase & Co made big donations to US presidential campaigns, particularly Mitt Romney's, as it lobbied against financial regulations, according to a Reuters analysis of campaign financial reports on Friday.

JPMorgan Chairman and Chief Executive Jamie Dimon, who has been an ally of US President Barack Obama, parlayed his bank's reputation as a white knight during the financial crisis into the position of champion of a beleaguered industry fighting against what it decries as excessive regulation.

But a $2 billion trading loss has diminished his credibility and has already provoked calls to get tougher on big banks. Dimon has been particularly critical of the so-called Volcker rule that proposes to ban proprietary trading by such institutions.

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