JPMorgan is big donor to presidential campaigns
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.