May 14, 2012 at 6:58 PM ET
President Barack Obama says massive losses at JP Morgan Chase show why Wall Street needs strong government regulation.
Obama made the comments while taping ABC’s “The View” just hours after the nation’s biggest bank disclosed it had lost at least $2 billion in a credit hedge that went sour. ABC released some details of the interview in advance of the show’s airing Tuesday morning.
Obama also was quick to say he admires Dimon, long considered one of Wall Street’s best risk managers for steering his bank through the 2008 financial industry crisis relatively unscathed.
“JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting,” the president said. “We don’t know all the details. It’s going to be investigated, but this is why we passed Wall Street reform.”