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Wall Street Roundup: JP Morgan's big fine. Upheaval on trading desks

June 3, 2010 |  6:50 am

Jobless claims down. The number of people filing for unemployment claims dropped from last week, and a bit more than analysts expected, the Labor Department reported.

JP Morgan's big fine. Britain's financial regulator slapped its biggest fine ever on JP Morgan for failing to segregate client and firm money -- $48.9 million was the tab. 

Upheaval on trading desks. While the Financial Times reports that Congress is moving forward with strict rules on proprietary trading at banks, the Wall Street Journal reports that successful traders are leaving banks to go off and start hedge funds where they will be untouched by government regulations.

Buffett takedown. After Warren Buffett testified Wednesday on the credit rating agencies, Fox Business Network's Charlie Gasparino slammed Buffett for defending the agencies. 

-- Nathaniel Popper in New York

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