JPMorgan Chase CEO Jamie Dimon described his company's $2 billion trading loss as "terrible, egregious mistakes," adding, "there's almost no excuse for it."
Although Dimon had what CNBC Analyst Andrew Ross Sorkin called a "mea culpa" moment about the errors, the JPMorgan CEO was optimistic about the future of the bank.
"This is not a risk which is life threatening to JPMorgan," he said.
Senator Carl Levin (D-MI) also joined the program to respond to Dimon's comments and made the case that more government regulation could have prevented the loss.
"It could be prevented because these are the kind of bets that put us into the soup to begin with," Levin said. "If we can prevents these kind of bets from being made, we can avoid ever again having to bail out banks."
Gay marriage was also a central part of our discussion this morning. After President Obama announced his support of gay marriage this week, Republican National Committee Chairman Reince Priebus reinforced the Republican position that "[marriage] is between one man and one woman."
You can watch the entire program on our website including our political roundtable for more on the gay marriage debate and what role it will play in the 2012 election. We were joined by: Lt. Governor of California Gavin Newsom; Chairman of the American Conservative Union Al Cardenas; Washington Post columnists Kathleen Parker and Jonathan Capehart; and MSNBC’s Chris Matthews.
Also, you can watch my full PRESS Pass conversation with Jamie Dimon about the economic recovery, politics and how to get America working again.
We'll be back next week. If it's Sunday, it's Meet the Press.