U.S. Senator Scott Brown (R-MA) issued the following statement on the reports that JPMorgan Chase will claw back compensation from employees involved in the so-called London Whale losses:
"Banks should not act like casinos with our money and undermine confidence in the American economy. JPMorgan has taken an important step by announcing they will claw back compensation from employees who behaved recklessly. Wall Street should make this level of personal financial accountability the industry standard so employees finally know that their own wallets are tied to their behavior."
After the failed London trades came to light, Senator Brown wrote to JPMorgan Chase CEO Jamie Dimon on May 16, 2012, urging him to impose compensation clawbacks for the employees responsible.