Relevant:
- Volcker Rule To Scrap "Portfolio Hedging", Would Make Trillions In Excess Deposits Inert
- JPMorgan Faulted on Controls and Disclosure in Trading Loss - Senate Report
- CFTC's Volcker Rule Roundtable Aims To Seek Insight On Exemptions
- JPMorgan Chase Chief Investment Office Played By Different Rules
- JPMorgan Hid Trades Banned by Volcker Rule, Senate Probe Finds
2012-05-14 — nytimes.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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