Romney Camp Defends $3bn Loss By JPMorgan

Romney Camp Defends $3bn Loss By JPMorgan

U.S. Republican presidential candidate Mitt Romney’s campaign said on Tuesday that JPMorgan Chase & Co’s huge trading losses were an unfortunate part of a free market economy.

Romney adviser Eric Fehrnstrom told NBC that, while Romney supports some financial regulation, the losses at one of the nation’s largest banks involved investors, not taxpayers, and that rules for Wall Street should not hamper investments.

β€œThe leadership of that company will be held accountable for this trading loss, but we don’t want to punish companies, he told NBC’s β€œToday” program. β€œThere was no taxpayer money at risk. All of the losses went to investors, which is how it works in a public market.”

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