2012-05-14nytimes.com

In early February, a group of JPMorgan executives met with Federal Reserve officials and warned that anything but a loose interpretation of the trading ban would hurt the bank's hedging activities, according to a person with knowledge of the meeting. In the past, the bank argued that it needed to hedge risk stemming from its large retail banking business, but it has also said that it supported portions of the Volcker Rule.

In the February meeting was Ina Drew, the head of JPMorgan's chief investment office, the unit that suffered the $2 billion loss.

...

"JPMorgan was the one that made the strongest arguments to allow hedging, and specifically to allow this type of portfolio hedging," said a former Treasury official who was present during the Dodd-Frank debates.


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