Related Content: jp morgan

Dimon's Big Day on Capitol Hill

Essential Reads

Major Garrett, National Journal White House correspondent, and CNBC's John Harwood report on the politics behind today's Senate hearing and provide a preview of questions likely to be asked of key witness Jamie Dimon.

May 18, 2012

Weekly Show

As attacks fly between President Obama and Mitt Romney, a conservative super PAC’s developed a controversial Rev. Wright ad campaign. Plus, is Congress heading towards another partisan debt-ceiling showdown? Also, JP Morgan’s losses and Wall Street regulation. Joining Gwen: Jeff Zeleny, New York Times; Karen Tumulty, Washington Post; David Wessel, Wall Street Journal; John Harwood, CNBC/NY Times.

 

Obama Says JPMorgan Loss Shows Need for Tighter Rules

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President Barack Obama said the specter of a well-run bank such as JPMorgan Chase & Co. (JPM) suffering a $2 billion trading loss demonstrates the need for closer regulation of the financial services industry. On a day he raised cash from Wall Street donors at the New York apartment of Blackstone Group LP (BX) President Tony James and his campaign took aim at Republican Mitt Romney’s private-equity experience, Obama extolled free-market capitalism and risk taking while also arguing that tough Wall Street rules are needed to protect taxpayers and the banking industry.