Dimon to Fault Controls on Risk [WSJ]
In his first trip to Capitol Hill since J.P. Morgan Chase & Co. disclosed that trading blunders have cost it at least $2 billion, Chief Executive Officer James Dimon is expected to blame a combination of overconfidence, poor judgment and faulty risk controls. Mr. Dimon, scheduled to appear before the Senate Banking Committee on Wednesday morning, intends to apologize for the miscues—a stark departure from his normal shoot-from-the-hip demeanor. But Mr. Dimon will push back on any implication that the incident is lastingly detrimental to the largest U.S. bank by assets. In fact, the New York company expects its second quarter to be "solidly profitable" despite the losses, Mr. Dimon said in an early copy of his prepared remarks. "We will not make light of these losses, but they should be put into perspective," Mr. Dimon is expected to say. "We will lose some of our shareholders' money—and for that, we feel terrible—but no client, customer or taxpayer money was impacted by this incident."
Senate panel sets increase in IRS funds [WaPo]
The Internal Revenue Service would receive additional money for taxpayer services and tax law enforcement, and several financial regulatory agencies would gain funding increases to help them enforce Wall Street reforms, under a spending bill approved Tuesday by a Senate panel. Approved by the Appropriations subcommittee on financial services and general government, the bill would provide $12.5 billion for the IRS in fiscal 2013, which starts in October, an increase of 6 percent from the 2012 level but still 2 percent below the White House request. “Resources provided will allow the IRS to meet an increasing demand for services and to make improvements that will permit taxpayers to access automated self-service applications including refund inquires, freeing staff to handle more complex tax law inquiries,” the bill summary says.
Local Woman Says Border Patrol Agent Attacked Her [10News]
The woman, who was only identified as "Jenny", said she was beaten by Border Patrol agent Kellie Lamb Helwig while she was leaving a Cirque du Solei performance on May 27. "Next thing I knew, she punches me on my left temple," said Jenny, who is a military doctor. "I didn't feel the other two hits. She hit me on the right side of my jaw and the left side of my jaw." Jenny said Helwig was waiting for her after the show was over. She said she had exchanged words with Helwig and another Border Patrol agent, Gerald Joseph Torello, during the performance. According to a report by the San Diego County Sheriff's Department, several other people say they saw Helwig performing fellatio on Torello. "Her head and her hands were moving up and down rhythmically," said Jenny. "I could only assume that there was some sort of sex act being performed."