FBI Investigating Chase's Loss

The FBI is investigating JPMorganChase's $2 billion loss, but law professor and New York Times blogger Peter J. Henning points out that this doesn't actually mean the FBI thinks it has a lot of reason to expect to find a crime. After all, it's only starting an investigation -- the point of which is to find out what happened.

But the costs of an investigation to its target , Henning points out, can be substantial. First of all, even if the underlying conduct (in this case, the money-losing investment) was perfectly innocent, there are all sorts of opportunities for people to violate the law during the investigation: they might lie (remember Martha Stewart), or destroy evidence -- or they might be wrongly accused of doing so. Second, legal bills can pile up -- especially because employees and corporations need separate lawyers (remember Ian Norris ).

In any event, the $2 billion loss ought to be a purely private matter .

Meanwhile, Chase shareholders rejected a proposal to separate the CEO and chairman jobs, both currently held by Jamie Dimon.

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