Who's to blame for JPMorgan's $2 billion loss?
Donald Trump weighs in
- Duration 7:41
- Date May 14, 2012
Donald Trump weighs in
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This transcript is automatically generated
Fox Business alert for you right now heads our role in this morning in the wake of a staggering.
Two billion dollar plus mistake at JPMorgan Chase three of the highest ranking executives stepping down as early as today.
Topping the list of the most powerful woman on women on Wall Street -- drew she was JPMorgan's chief investment officer.
-- -- rein in Donald Trump for his reaction to what's going on with JPMorgan aren't Donald but -- in layman's terms for all of us.
It's called making a mistake and that's what happened they made a mistake Jamie -- is a good man and he's a great leader.
But this was a big mistake it was a two billion dollar mistake not bank threatening.
In fact they'll make -- this quarter than that money but -- hard to believe but that's what's going to happen.
But -- put drivers who could get I'm sorry that you Donald obvious wanna put into perspective two billion dollars is a lot.
But in terms of what with the bank brings in not -- much.
Well it's a lot no matter how you cut it but now the bank is very solvent it's very strong it's not that much relative to what expecting.
But it's a tremendous black guy on the bank gets a black guy for Jamie diamond to sort of spears a lot of good things and frankly represents a lot of good people on Wall Street and represent them well so this was mistaking admitted this was a mistake.
And it's a tough one for him to swallow I watched him over the weekend on television and it's certainly not easy because he's pretty much let it -- life.
You know -- going to be tough for him to -- yet are we screwed up don't we did not Franchitti you have Dodd-Frank and you have all these regulations and bills and everything gets put put -- -- our people are saying.
Give us more well that's not gonna stop it because it didn't stop at this time and -- a lot of regulation right but it was a mistake you know what you do business whether it's trump.
Or icon or anybody as you can name anybody.
When you do business you do things that -- be turned out to be mistakes and you learn from the mistakes.
And that's what happens I mean its goal doing this -- you can't have a thousand.
Batting average and.
And I was just about to say that sometimes you win sometimes you lose and in this case it's just one of those times but they lost -- What they lost -- but they didn't lose its amount of we Begin I always tell people what they asked about deals that would go to a deal that speaker that you can't handle it it turns out that a lot of times you go to a deal -- the best deal turns out to be not so good staff had no idea why.
But I would say never take down the ship.
I've seen it happen I've seen guys go -- deals where.
It was going to be great but it was bigger than they could handle.
And it turned out not to be good and it took down to ship this doesn't take down the -- but it's a mistake and it's -- very very negative thing I think for Jamie.
Who really is a good man.
-- and he was so highly regarded probably is that the most important banker on Wall Street ran -- -- is highly regarded but it got to get credit unions in this tunnel that is there any could there be any truth.
To the fact that that bankers would take more risk right now because of the added regulation over the last few years.
I think regulation all it does is make a bid banker probably worse if you think about it I think the regulations are not good.
But Dodd-Frank stops you try and go out of your starting a business you trying go to a bank to get money they're afraid to loan it.
I'd you know they'll always talk about regulating so other regulators are watching they're watching.
Well what are they watching them into watching job creation -- you wanna start at if you have a lot of money and you -- -- borrow money you can borrow money great but you don't need the money.
You can only borrow money today if you don't need the money exactly.
Very adjustment -- where it -- if you need money you wanna build a business and obviously there's risk.
Did you can't borrow money -- any way to -- you don't need money.
But you don't want it under I mean I had people call me banks all the time do you want to borrow money will give it I mean I don't want it I donated.
You know I won group one demographic the bar -- a lot of money we're talking about college students right.
And then you know that you see the president Alan stumping he's saying you know I'm not gonna let them.
Jack up your student loan rate even though it is a federal program now and technically I think he is in charge in the Democrats priced in this particular Jack -- up of the rate.
What 45 years ago.
But when you look at all the debt that these college students run up.
Unfortunately there are no jobs for many of them out there but now -- -- we can't we can't pay back the money and now they need had some sort of a bailout.
Well the big board -- -- citi's jobs and -- going out and I'm all for helping students get through college and they don't have money some of Omar first timers -- -- their family.
I think it's incredible that we can help them.
That I don't care interest -- lol -- I think it's an incredible think the problem is they're graduating and they can't get jobs now because the economy is terrible.
And the president's done a terrible job so they can't get jobs so now all of a sudden they -- that money.
They -- money to banks -- money to government they own -- to everybody and they can get a job they wanna pay it off but they the economy is terrible.
You know the amazing -- the economy.
Solves all problems we turn this economy around and I believe Mitt Romney will do that we turn this economy around.
To college debt resolve.
Everybody's that is up I -- you could have a roaring engines and we have such potential to do it.
You don't know why but why would -- -- just a quick follow up question that why would people pay off their loans when their with the federal loans -- my understanding that they they don't have to pay him off if they can't.
-- -- -- -- 21 thing most of them can't many of them can't tables -- Gretchen because they can't get the -- I mean.
They went in this with good intentions to most of them I really believe that they went -- they wanted to get an education they wanted to go to college at -- they wanted to work for fox okay.
What they wanted to work for somebody doesn't necessarily collapse -- -- wouldn't be so bad.
But they wanted to go to work.
And now they can't if you look export and 55%.
Of the people they graduate ticket just.
It's a very terrible situation.
-- -- over the Celebrity Apprentice you're you're down -- two after this listen.
Well aren't getting -- -- great beauty and great intelligence but I do have to listen to.
You understand that a medication I can't -- Well I do Miami and I do you always take in and you take -- to put it up here and then you make your decision ultimately.
And you are transparent.
But I just think you have a fantastic career.
Probably if -- -- boom follows a nice thing you said leading up to a -- reminder of days out Arsenio and clay stand why.
Well they were both really good talented Smart never gave up.
Play turned out to be a big surprise -- because I know -- a great singer you know the voice was obviously -- with America about a little but.
He turned out to be a very tough calculating kind of a guy and -- city as a fantastic gotta have it you know that just turned out to be really good and they were both very good leaders.
Sure well congratulations I think I read the Paper that NBC.
Which needs big hit shows like yours signed up for two more seasons.
Let me say modestly that.
They liked me very much -- -- amazing what good ratings will do that what you thought we had the advantage.
Chat show so it's the next one a celebrity is -- -- one a civilian.
Probably celebrity people love to celebrity -- they -- -- but -- probably will do celebrity if it's really get rid of so many celebrities they're people that get a couple of you know.
But they have so many celebrities don't wanna be on the show to basic so probably we just let them.
Well congratulations well -- that's a big deal and it's been dealing you get up right nearly as beats us thanks so much Donald will try to you very much.
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