President Obama: Chase Bank Massive Trade Failure is Why We Need Wall Street Reform!

Dear Commons Community,

Several news and media outlets are reporting that President Barack Obama in referring to JPMorgan Chase’s $2 billion loss on Monday, said the bank’s massive failure proves why Wall Street reform is necessary.

“JPMorgan is one of the best-managed banks there is,” Obama said during an interview on ABC’s “The View”. “Jamie Dimon, the head of it, is one of the smartest bankers we got, and they still lost $2 billion and counting.”

Dimon, who appeared on NBC’s “Meet The Press” Sunday, told host David Gregory he had been “dead wrong” to dismiss concerns about the banks questionable trades.

“We made a terrible, egregious mistake,” Dimon said. “There’s almost no excuse for it.”

Obama said the bank’s mistakes exemplified the reasoning behind his administration’s Wall Street policies.

“We don’t know all the details,” Obama said. “It’s going to be investigated, but this is why we passed Wall Street reform.”

The president’s comments came the day that Ina Drew, a top executive who worked for JPMorgan for three decades, announced her retirement. Drew supervised the trading desk responsible for the loss.


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