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MADRID A former JPMorgan Chase & Co. trader wanted by the
United States for allegedly falsifying bank records to cover up $6 billion
in trading losses has told Spain's National Court he will challenge extradition.A
court spokesman said Friday that Javier Martin-Artajo, 49, opposes the petition
because he is Spanish. The court will now study the U.S. request
and hold a hearing at a later date. The official spoke
on condition of anonymity in keeping with court regulations.The U.S. accuses
Martin-Artajo and another ex-trader at the bank of marking up the value
of an investment portfolio to hide its plummeting value. The portfolio eventually
incurred a $6 billion loss.Martin-Artajo was arrested in Madrid in August
but freed without bail. He denies the U.S. charges.
BEIJING China's leaders have promised to open its markets wider to
private and foreign competitors in a sweeping reform plan aimed at rejuvenating
a slowing, state-dominated economy.The pledges come in a report issued Friday
that is meant to serve as a blueprint for economic development in
the coming decade. It was issued following a closely watched Communist Party
conference that ended this week.Chinese leaders are under pressure to replace
a tapped-out growth model based on exports and investment.The ruling party
pledged in Friday's report to allow the creation of privately owned banks
and to allow the market to allocate resources moves that
will help more efficient private companies.As for foreign companies, the
plan pledges to ease limits on foreign investment in e-commerce and other
industries.
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