McCain scolds Holder for meeting with JPMorgan chief

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JPMorgan's chief executive, Jamie Dimon, reportedly met with Holder at the Justice Department on Thursday, days ahead of an expected settlement announcement that could be as high as $11 billion.

Negotiations over the charges have been ongoing for about a year.

Earlier in September, JPMorgan admitted wrongdoing and agreed to pay $920 million to settle charges about the “London Whale” series of derivative trades. 

After that announcement, McCain was one of a number of lawmakers who complained that the Securities and Exchange Commission did not go far enough to charge individual traders responsible for the $6 billion in losses stemming from the deals. 

On Monday, he asked Holder to be tough on the bank.

“In matters involving major corporate malfeasance, individual accountability is vital to deterring similarly severe misconduct by financial institutions and their officers, directors, or key employees in the future,” he wrote.

“Government enforcement actions must no longer be viewed by institutions and their management teams as simply the cost of doing business.”

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