Director makes $1.99 million buy.Mellody Hobson, a director at JP Morgan Chase (JPM), picked up 16,000 shares recently, increasing her stake in the company by 15 percent. At current prices, the buy came to $1.994 million, and leaves the director with just over 117,000 shares.Insider data shows that the banking behemoth has had a mix of insiders both buying and selling in the past few years, which is typical of big companies that pay executives in stock options.