Obama reacts to JPMorgan's $2 billion blunder
Peter Johnson, Jr. weighs in
- Duration 3:58
- Date May 15, 2012
Peter Johnson, Jr. weighs in
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This transcript is automatically generated
I -- in the wake of JPMorgan's two billion dollar trading loss President Obama saying some nice things about.
Now about the companies then urging further Wall Street reform listen.
JPMorgan is one of the best -- -- -- Jamie -- -- -- they had a that is one of the smartest backers -- And they still lost two billion dollars in -- but this is why we passed Wall Street reform of the best.
Or one of the best management so that you're gonna have a -- that isn't as strong isn't as profitable making those same -- And we might have had to -- them and and that's exactly why Wall Street reform so import.
Fox is legal -- -- is here with his reaction to the president on the view giving his reaction to that -- Well I think this administration is grade talking the talk but that's Abreu walked in the law and so they taking credit for finance reform.
But here we have this tremendous hit.
To a company that has 62 billion dollars in insured federally insured deposits.
So they're playing -- billions and billions of dollars and then losing it.
And it's no different what happened in 2008 and before they say well we're just hedging their risks we're making it different bet that if the market goes bad over here.
Will be okay over there.
But what it appears they did it was double -- -- -- make another bit that it's a the issue becomes is that really hedging your bet.
You don't putting insurance scam was that trying to make money on the other side.
And and so and Austin went down 2% plus two billion in the lineup but -- all this is all scam though it would anyways.
Well you know -- mentioned earlier this morning the president elect to take big hits had a Mitt Romney for Bain Capital.
Which is a private equity firm.
So he goes to park avenue and eightieth street last night in Manhattan on the upper east side with this is -- choice wrapping it up and down that the East Coast.
And -- that she did the house the chief financial officer.
Other private equity company and raises two million dollars from these folks at thirty or 40000 dollars a pop.
Night and -- don't know no we're gonna crack down on this.
On this industry a major -- to crack down on the financial markets the United States.
Then you have protection for people from brokers but -- would literally.
If if you go to -- say listen I want the best price available selling or buying they don't have an obligation to do that.
There's no -- this country that says a broker has to act in the best interest.
Of the American seller or Byron -- -- market.
So what is the president.
Talking about the -- really be done about this that the prison says that this is why we passed Wall Street reform true but it still happened so what does that mean.
And do thing is Jamie diamonds the indeed thanks so much because he was leading the charge is a democratic -- for Obama to say this reformist -- it's really important to keep on banging away at the bankers and bang away capitalist and say what's so we're going after them.
We're gonna stop this this is -- -- what I.
I did not for this.
But how many other banks are doing this is the same time this may be four billion dollars with JPMorgan Chase they're saying well.
It really wasn't your depositors money it was our money that we were playing with.
Is that true.
I don't know -- -- that.
I don't know if that's true we don't we'll have I don't know if anybody knows we don't have any clarity about this -- -- -- what we needed some straight talk.
From the president what are we gonna do to improve the financial markets going -- it.
And maybe -- the same time.
While I'm doing that I'm not gonna take millions of dollars it from the right people that I intend to regular guys went in a deposit you -- -- -- about it as a positive I made a mistake Jamie down and I take responsibility.
And there's people that are accountable and he's dealing with that I don't capitalism we -- destroy a fighting but it's just good to see someone take responsibility I agree but at the same time.
Let's not make believe that -- regulating the markets were really not I think -- yelling at me I'm not that are yelling at me ultra quiet and a benefit.
Peter thanks so much.