jamie dimon's fingerprints are all over this operation. when you have 120% of the profit, you better believe that jamie dimon was paying attention. >> what do you do? you have this bad stuff a couple of years after we thought we done something about it. deja vu all over again? >> it seems to be. you run into problems for president obama, who said he was going to get tough on wall street crackdown on wall street, regular well wall street, and then you wake up with jp morgan losing $2 billion. i think it's interesting that president went on "the view" and said jamie dimon was the best banker. that's not what people want to hear. they want to hear what are you doing to make sure this doesn't happen over and over again and the banks are losing our savings. >> dan, you're the optimist. the title of your book makes me happier just reading it. i want to go out and buy a balloon. >> in london they trade those balloons. >> i'm not going to be buying anything in london these days based on how they perform in the long run. this $2 billion is not a bi

morgan whale tale jamie dimon appears on a national network t.v. defending the bank and repudiating the notion that wall street is and has been bad . i think that your that's not true not everything holds true is bad but not all media is bad i like you and i trust you are truly. what about is even trying to make amends with the media industry he's criticized in the past we will do don't you worry the p.r. and tell you what the jamie dimon in the ego indicator may be telling us this is critics are saying diamond should go either from the board of the new york fed or from the top spot at the bank meanwhile in the euro zone more indication that debt junkies are unwilling to acknowledge the reality greek elections have unveiled for the first time arguably just how fragmented this is science has become and how unpopular the bailout is beyond the riots we'd see politicians though they still can't cobble together a government in the country and the question is how much more broadly will we see the same problems play europe's economies as others run up aga

jamie dimon is lobbying against it. >>. >> saying look how profitable we are. he is happy with the money the london-based hundred fund makes. they love the profits because they never think inevat this timeably they will lose it in one day. >> the president will -- we will come back to this was calling the good bank jamie dimon was getting accolades. they are doing what we want to have stopped using the federal guarantee to borrow money, get our money and play with it in the casino. >> this is exactly what the glass-steagall act was designed to present, to separate federally insured depository banks from banks and insurance companies so we don't have the risky behavior mixing with the federally insured money. chase is infin fin italy more dangerous. >> the holding company. >> they are not really a bank. this is really a bank. this is really dangerous and something the public really has to worry about. >> and the thing that is troubling to me is that the president quentwent on "the view" yesterday. he went on yesterday and it was aired today speaking in glowing t

morgan whale tale jamie dimon appears on a national network t.v. defending the bank and repudiating the notion that wall street is and has been bad . i think that your that's not true not everything holds true is bad but not all media is bad i like you you know i trust you are true you. write about even trying to make amends with the media industry he's criticized in the past we will decompose don't you worry the p.r. and tell you what the jamie dimon in the ego indicator may be telling us this is critics are saying diamond should go either from the board of the new york fed or from the top spot at the bank meanwhile in the euro zone more indication that debt junkies are unwilling to acknowledge the reality greek elections have unveiled for the first time arguably just how fragmented this is sayat he has become and how unpopular the bailout is beyond the riots we'd see politicians though they still can't cobble together a government in the country and the question is how much more broadly will we see the same problems play europe's economies as oth

jamie dimon. my question, if these banks are too big to fail, maybe they're too big and should be broken up. and for investors, king dollar is back. oil and gold are falling. should you be buying deflationary stocks? "the kudlow report," just moments away. >>> don't forget to watch jamie dimon on "meet the press" this sunday. remember, i do think he's honest. i think his firm is honest. my question is, can any really understand these positions? if jamie dimon can't, perhaps we have to rethink the whole notion of the financial engineering. and by the way, i think the government's very right to be very tough, and the volcker rule, yeah, what can i say? i say there's always a bull market somewhere, i promise to try to find it just for you. see you monday! larry, what are you looking at to close out the week? >> jimmy, your pal, bill clinton, called obama an amateur who doesn't know how to be president. >>> good evening, everybody. i'm larry kudlow. this is "the kudlow report." so get this, fascinatin

morgan see i ope profit boat jamie dimon announces a two billion dollar trading loss saying more could be on the way saying big mistakes were made but hey this doesn't make the case for more regulation or for the volcker rule we'll talk about why this is exhibit a for why the volcker rule is needed that said we'll ask if the rule in its current form would have even stopped the london whale marketplace's heidi moore joins us plus we will look at how the federal reserve may be in a blink and incentivizing this kind of risky behavior in too big to fail firms also president obama's mortgage financial fraud task force was touted in his state of the union address but some allege it's been starved of staffing and momentum since then some members of occupy wall street have offered to help but they haven't necessarily been well received we'll talk to two of them let's get to today's capital account. so just yesterday ben bernanke in a speech was talking about how conditions in the banking system have improved significantly over the past few years how banks capital and liquidity positions have r

jamie dimon was it. that's what was so disheartening, you would like to think there is someone there that you can look at and say this is good. >> when chase was being held as this quote/unquote good bank they had destroyed counties and had been involved in scandals which they paid $100 million fine. they just had not this gigantic public scandal but they've been caught in doing all kinds of things. >> you can't have $360 billion in excess deposits, deposits which have been given to you by people to lend out into the economy and then refuse to lend those out and send them off to london and call yourself a good banker. >> eliot: in a way that might be the most important point, if we come back to what matters in getting our economy going. you're saying they've taken this huge pipeline of deposits, which is instead of doing what we want banks and need banks to do which is to lend it out, they put it in a casino. >> they're not just taking the deposits but the cheap, almost free money that they're getting in

tim geithner cannot force out jamie dimon. that has to be done within the federal reserve system, but the pressure is on jamie dimon to resign from the board of the new york fed. >> eliot: both of us are confusing the two. the two morph into one person, and that may be the problem. is that what we've been talking about with respect to the new york fed board similarric of the larger regulatory crisis we face in this nation where there has been touch influence to bear that they have not done their job. >> yes, it is symptomatic of a broader problem. it could be that this is the tip of the iceberg or the relatively visible part of the problem. the intellectual and other forms capture are much more pervasive. >> eliot: very, very quickly. you are actually beginning a petition campaign to show public support for this. when will that start and how will that work? >> we hope to get it started tomorrow. we hope that a lot of people are going to sign on. it's actually a very reasonable and modest to moderate ask and i would be shocked

jamie dimon, j.p. morgan's c.e.o., acknowledged the bank's shortcoming in an appearance on "meet the press" yesterday. >> i do want to put in perspective the company is going to earn a lot of money this quarter so it's a very strong company. we made a terrible egregious mistake, there's almost no execute for it. if you read my chairman letters we always talk about what we did wrong. always what we did wrong, how we can get better. no one in business doesn't make mistakes so this is a terrible mistake, i'm not making excuses for that. >> rose: joining me now is steve rattner. he spent 30 years on wall street before that wrote for the "new york times" as a reporter. he was also in the obama administration, a counselor to the treasury secretary and was instrumental in the auto bailout. also here, gillian tett, the u.s. managing editor of the "financial times" and this, in full disclosure, jamie dimon is a friend of mine as are other employees at j.p. morgan and i have worked with them at conferences where

you say jamie dimon should go? >> jamie dimon should have gone a long time ago. >> why? a long time ago meaning what? what do you mean? >> at least a year and a half ago. >> but how do you say that? what do you base that on? >> look, it's ceo of a systematically important bank ought to be running a bank that is clean. the evidence -- i'm not saying that jamie dimon is in any way culpable of the very things that jpmorgan has done which have been reported day in and day out. day in and day out, i mean, the cdo square settlements, the settlements for misleading market investments. market investors. the settlements for bribing officials in alabama. >> so do you think a different -- do you think a different executive could have led the bank during the worst financial crisis in 2008, somebody who would have been better than jamie dimon? is that what you're saying? >> i am saying that if someone has been sitting -- says he's responsible, and there's enormous transgressions before, after and during the crisis, that that person is unfit to lead a large public bank. >> maria, i do

morgan wouldn't be that profitable jamie dimon has to take a lot more risk than we really want him to in order to hit those earnings targets for wall street so he's kind of caught in the middle and you have to understand that dynamic because he lives in terror that the buy side is going to move out of his stock and into bay constrain it half a book value jamie dimon and loses his job so those are the interconnects here aside all just about public policy it's about the big institutional investors who own j.p. morgan stock right i'm just about this point about corporate governance in general being bad in the u.s. and banks fall under that category however the financial sector has gobbled up a huge percentage of overall profits of the economy under the one industry that destroy anything in the u.s. economy any many ways but i want to ask you about another fraudulent situation m.f. global if you get a knock on it a bit you're in the money management business yourself chris whalen has the crimes committed by m.f. global impacted your business it went amell marketing our new hedge fund what

morgan see i ope profit boat jamie dimon announces a two billion dollar trading loss saying more could be on the way saying big mistakes were made but hey this doesn't make the case for more regulation or for the volcker rule we'll talk about why this is exhibit a for why the volcker rule is needed that said we'll ask if the rule in its current form would have even stopped the london whale market places heidi moore joins us plus we will look at how the federal reserve may be in a blink and incentivizing this kind of risky behavior in too big to fail firms also president obama's mortgage financial fraud task force was touted in his state of the union address but some allege it's been starved of staffing and momentum since then some members of occupy wall street have offered to help but they haven't necessarily been well received we'll talk to two of them let's get to today's capital account. so just yesterday ben bernanke in a speech was talking about how conditions in the banking system have improved significantly over the past few years how banks capital and liquidity positions have r

let me say something about jamie dimon as well. he's earned the respect as many people on wall street as being a straight shooter and i think there should be some credit for him being as candid as he has been, that they made a mistake, you're not hearing the double talk from ceos that you often times here. he's owning up to it. will the buck stop with him? undoubtedly so. the heads that will roll will not be jamie dimon, perhaps those running the derivative desk. i think jamie dimon will get over this. >> what would happen if he went away? >> unless we know more, unless this unfolds in a much more systemic clee negative fashion, he's probably earned, both from the board perspective and shareholder perspective, the right to have one massive, massive mess-up. but he certainly doesn't have the right and will not be granted that for a second one. and, look, he's got to know this. he's an intelligent man. i do think -- >> we want to continue this discussion after the break. >> okay. >>> the downgrade by fitch of p jpmorgan that just hap

jamie dimon, j.p. morgan's c.e.o., acknowledged the bank's shortcoming in an appearance on "meet the press" yesterday. >> i do want to put in perspective the company is going to earn a lot of money this quarter so it's a very strong company. we made a terrible egregious mistake, there's almost no execute for it. if you read my chairman letters we always ta about what we did wrong. always what we did wrong, how we can get better. no one in business doesn't make mistakes so this is a terrible mistake, i'm not making excuses for that. >> rose: joining me now is steve rattner. he spent 30 years on wall street before that wrote for the "new york times" as a reporter. he was also in the obama administration, a counselor to the treasury secretary and was instrumental in the auto bailout. also here, gillian tett, the u.s. managing editor of the "financial times" and this, in full disclosure, jamie dimon is a friend of mine as are other employees at j.p. morgan and i have worked with them at conferences where i

jamie dimon might be good. but he cannot escape the environment where he is operating. >> all right. so let's get some reaction to jpmorgan and facebook in today's "closing bell" exchange. with us the man himself, mike mayo of clsa. also with us are bob pisani and rick santelli. mike, i'm going to start with you. we just ran that sound bite of you saying you would sell jpmorgan. now it looks like the loss will be bigger than $2 billion. and worrisome to me is whether or not jpmorgan is going to be able to unwind or exit some of the trades that were put on. given the move in the stock lately, i believe you still would sell the stock, certainly. but what is your outlook for it in the near future, given these latest developments? >> the $2 billion loss for a $2 trillion firm is just not that big a deal. jpmorgan has had $60 billion of losses. that's $60 billion of losses at jpmorgan. you know what that is for? that's for the prior three years due to making loans. >> but you know what is going to happen, mike. they

evidence and other unsecured liabilities i'm speaking of course of jamie dimon and j.p. morgan he is arguing with the government that he needs less regulation he needs to be able to increase the amount of leverage he has on his books and he needs this swaps market deregulated so just for those out there in the international audience just briefly explain a swap and then what's jamie's problem well jamie is problem i mean it's summer expects i agree with him when it comes to basel two and three in the rest of it dodd frank is a disaster we're actually hurting the u.s. economy with all of these initiatives through because they're kind of like calvinists punishment really we're going to punish the big banks because we've bailed them out that's one part of the derivatives and everything else which a.p. morgan is very important because if you look at jamie diamond's unregulated over the counter derivatives business it makes the bank pale by comparison the banks almost a trivial concern so you know he's talking about two very different things one is do we want to put more regul

jpmorgan, jamie dimon, down right embarrassing. kicking myself to think that he was any different from the other guys. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decatherms. how bout ya, joe? let's go ahead and bring it online. attention on site, attention on site. now starting unit nine. some of the world's cleanest gas turbines are now powering some of america's biggest cities. siemens. answers. who have used androgel 1%, there's big news. presenting androgel 1.62%. both are used to treat men with low testosterone. androgel 1.62% is from the makers of the number one prescribed testosterone replacement therapy. it raises your testosterone levels, and... is concentrated, so you could use less gel. and with androgel 1.62%, you can save on your monthly prescription. [ male announcer ] dosing and application sites between these products differ. women and children should avoid contact with application sites. discontinue androgel and call your doctor if you see unexpected signs of early

that's something that jamie dimon underlines. >> david gregory, andrew ross sorkin. once again, the full interview with jamie dimon this sunday morning on "meet the press" here on this nbc station. >>> on the presidential campaign trail tonight, president obama is coming off the single largest fund-raiser in presidential history. under a tent last night at george clooney's mansion in los angeles. the take was $15 million. many who couldn't pay the $40,000 price of admission settled for a glimpse of the motorcade as it went by. today, the president visited a middle class neighborhood in economically hard hit nevada, talking about help for homeowners facing foreclosure. >> in north carolina, mitt romney also tried to turn the focus back to the economy. and he appeared to tear up a bit at an event when he told an audience how an entire neighborhood came together to help his niece financially when her husband was called up to duty with the national guard. >>> and one more note here tonight, the family of the alleged victim in the bullying story from romney's high school

evidence and other unsecured liabilities i'm speaking of course of jamie dimon and j.p. morgan he is arguing with the government that he needs less regulation he needs to be able to increase the amount of leverage he has on his books and he needs this swaps market deregulated so just for those out there in the international audience just briefly explain a swap and then what's jamie's problem well jamie is problem i mean it's summer expects i agree with him when it comes to basel two and three and all the rest of it dodd frank is a disaster we're actually hurting the u.s. economy with all of these initiatives too because they're kind of like calvinists punishment really we're going to punish the big banks because we've bailed them out that's one part of the derivatives and everything else which i p. morgan it's very important because if you look at jamie diamond's unregulated over the counter derivatives business it makes the bank pale by comparison the banks almost a trivial concern so you know he's talking about two very different things one is the we want to put more r

tim geithner cannot force out jamie dimon. that has to be done within the federal reserve system, but the pressure is on jamie dimon to resign from the board of the new york fed. >> eliot: both of us are confusing the two. the two morph into one person, and that may be the problem. is that what we've been talking about with respect to the new york fed board, similarric of the larger regulatory crisis we face in this nation where there has been touch influence to bear that they have not done their job. >> yes, it is symptomatic of a broader problem. it could be that this is the tip of the iceberg or the relatively visible part of the problem. the intellectual and other forms capture are much more pervasive. >> eliot: very, very quickly. you are actually beginning a petition campaign to show public support for this. when will that start and how will that work? >> we hope to get it started tomorrow. we hope that a lot of people are going to sign on. it's actually a very reasonable and modest to moderate ask and i would be shocked

. ♪ >> jamie dimon is the ceo of jp morgan. he's the guy who has been helped out to others and mainly himself, oh my god not all bankers are all bad. listen to jamie dimon tell us that over and over again. >> not like being successful is bad. because your rich your bad. i don't under it. i don't get it. >> right now you look like you're not concerned. >> i'm not that concerned, no. >> i have a typical crisis. we have them every five or six or seven years. people should not be that surprised about it. like any institution, including the military, media and congress, sometimes there is a bad apple. yet we denigrate the whole institution. people around the world would give an arm or leg to own these countries. yes, there are some flaws. we should fix them. we should punish people if they committed a crime or made a terrible mistake. >> keep that last thought in mind about punishing people. but since 2008, jamie dimon has been saying over and over been, come on a couple of bad apples. but we're all right at jp morgan morgan. when t

do you accept jamie dimon's accountability for this? you know, elizabeth warren, who was the chairwoman of the congressional oversight panel on t.a.r.p. has called for him to resign his post on the new york fed, while a lot of the regulatory regime is worked out. what do you say about that? >> i think the issue here is the power of the banks and whether or not we're going to regulate those banks and put a cop back on wall street. so i think this is a issue which is not involving personalities and should not involve personalities. so i don't get into that. the issue is whether we are going to stick with the law, as written, which will prevent us from bailing out banks again, and the only way to do that is make sure they don't take the kind of risks that we're taking. >> what price should be paid? jamie dimon said at the end of that interview, we should pay a price for that? what's the price? >> the price will be that they will lose their battle in washington to weaken the rule. that is the real price, in terms of past activities. that's

would you ask for jamie dimon to resign? >> no. i don't think you go from hero to goat that quickly. i think he's been a very responsible operator. i think he's been very important, actually vital, to the success of the financial system and banking system in this country. so there's been a mistake made. we need to find out more. i understand and i, again, appreciate what the comptroller is suggesting. that we take a close look. and if there's culpability, there should definitely be consequence. if it's anner ror, we need to see it as an error and we need to take a look at the processes and procedures that can prevent that from happening again. >> looks as if there are already lots of investigations under way, rightly or wrongly. michael and comptroller, thank you for joining us. >>> coming up on "closing bell" we'll hear from former white house chief of staff and former jpmorgan william daley. >>> up next on "street signs," clamenza in "the godfather" ended up sleeping with the fishes. that is bad. what about investing with them in

or abroad people in greece blowing their brains out because jamie dimon is an arrogant selfish pig yes ok and now the other important thing to note about this is that we've seen blythe masters saying they take no prisoners single trade they're just hedging out of london they're hedging client positions so she and in particular refer to their massive silver shorts she said we're just hedging positions for a long silver clients and here we have a situation where if it were ahead as called senator puts it by definition if something is ahead then it's balanced by again somewhere else so this was not hedging it was speculation and there's only one thing worse than. speculating that's unintentionally speculation. well they were intentionally thinking this speculation which is the exact opposite of what life just said what jamie's been talking about the regulators don't care because they're the f.s.a. in london hello you're in the pocket of morgan do you care no you are completely worthless mary said perot yes you see i'm sure she had a conference call jamie before this news to work out how t

jamie dimon is lobbying against it. >>. >> saying look how profitable we are. he is happy with the money the london-based hundred fund makes. they love the profits because they never think inevat this timeably they will lose it in one day. >> the president will -- we will come back to this was calling the good bank jamie dimon was getting accolades. they are doing what we want to have stopped, using the federal guarantee to borrow money, get our money and play with it in the casino. >> this is exactly what the glass-steagall act was designed to present to separate federally insured depository banks from banks and insurance companies so we don't have the risky behavior mixing with the federally insured money. chase is infin fin italy more dangerous. >> the holding company. >> they are not really a bank. this is really a bank. this is really dangerous and something the public really has to worry about. >> and the thing that is troubling to me is that the president quentwent on "the view" yesterday. he went on yesterday and it was aired today speaking in glowing t

morgan see i ope profit boat jamie dimon announces a two billion dollar trading loss saying more could be on the way saying big mistakes were made but hey this doesn't make the case for more regulation or for the volcker rule we'll talk about why this is exhibit a for why the volcker rule is needed that said we'll ask if the rule in its current form would have even stopped the london whale marketplace's heidi moore joins us plus we will look at how the federal reserve may be in the building and incentivizing this kind of risky behavior in too big to fail firms also president obama's mortgage financial fraud task force was touted in his state of the union address but some allege it's been starved of staffing and momentum since then some members of occupy wall street have offered to help but they haven't necessarily been well received we'll talk to two of them let's get to today's capital account. so just yesterday ben bernanke in a speech was talking about how conditions in the banking system have improved significantly over the past few years how banks capital and liquidity positions h

morgan wouldn't be that profitable jamie dimon has to take a lot more risk than we really want him to in order to hit those earnings targets for wall street so he's kind of caught in the middle and you have to understand that dynamic because he lives in terror that the buy side is going to move out of his stock and into bay constrain it half a book value jamie dimon and loses his job so those are the interconnects here aside all just about public policy it's about the big institutional investors who own j.p. morgan stock right i'm just about this point about corporate governance in general being bad in the u.s. and banks fall under that category however the financial sector has gobbled up a huge percentage of overall profits of the economy under the one industry that now destroying the u.s. economy any many ways but i want to ask you about another fraudulent situation m.f. global if you could talk on it a bit you're in the money management business yourself chris whalen has the crimes committed by m.f. global impacted your business when a male marketing or a new hedge fund wanted inte

morgan chase and company chief executive jamie dimon said there was give and take when bank leaders met with federal reserve officials to discuss industry oversight in new york last week oh yeah well we takes you know a little tape worm. we did tape one. any money for me to steal. and then obama says we can look back we have to go forward let's pass laws to make it easier for tapeworms like james is still money. money. and he goes back into the warmth of his lehrer's faecal uncrossed of lair where he lives a little family of j. worms. me i was just me. but i maybe because of the tape. and lenders including new york based j.p. morgan the largest and most profitable u.s. bank are resisting fed efforts to impose tougher restrictions on too big to fail firms whose collapse could hurt the broader economy the banks have pressed the fed to explain assumptions used on this year stress test and have criticized the central bank's proposed rules including limits on counterparty risk and here's what jamie diamond says it's great that people get together and collaborate talk about the facts and the

morgan wouldn't be that profitable jamie dimon has to take a lot more risk than we really want him to in order to hit those earnings targets for wall street so he's kind of caught in the middle and you have to understand that dynamic because he lives in terror that the buy side is going to move out of his stock and then the bank is train it half a book value jamie dimon and loses his job so those are the interconnects here is sod all just about public policy it's about the big institutional investors who own j.p. morgan stock right i'm just about this point about corporate governance in general being bad in the us and banks fall under that category however the financial sector has gobbled up a huge percentage of overall profits of the. kaname it's the under the one industry that now destroying the u.s. economy any many ways but i want to ask you about another fraudulent situation m.f. global if you could talk on it a bit you're in the money management business yourself chris whalen has the crimes committed by m.f. global impacted your business when a male marketing or a new hedge fund

jamie dimon. >> he should have done his homework better. >> reporter: mike mayo, who closely watches the company for the investment firm c.l.s.a., says in april dimon dismissed concerns the bank was making big eets on credit derivatives that even then were rattling the markets. >> one month ago, jamie dimon o ve a reassurance that this was "a tempest in a teapot" when it came to the company's investments. here we are one month later, and there's a $2 billion loss on their books. of reporter: those risky bets

somewhere, jamie dimon is shaking his head. it's monday, may 14th and this is "now." >> joining me today msnbc contributor and son of the south jimmy williams is here, nbc latin knowles.com commentator alisha ma deny dez, matt taibbi from rolling stone and political analyst and georgetown professor milissa rehberger michael eric dyson. president obama launched a potential game-changer releasing a two-minute ad in five swing states that is paints romney as a greedy corporate raider featuring is workers from tc steel a company that went bankrupt after it was bought by bain capital leading to 750 people losing their jobs. >> bain capital walked away with a lot of money. we view mitt romney as a job destroyer. >> to get up on national tv and bragging about making jobs when he destroyed thousands of people's careers, lifetimes -- >> the romney campaign fired back with a statement this morning saying romney was no longer working at bain when the layoffs took place adding 13 we welcome is the obama campaign's attempt to pivot back to

. ♪ >> jamie dimon is the ceo of jp morgan. he's the guy who has been helped out to others and mainly himself, oh my god, not all bankers are all bad. listen to jamie dimon tell us that over and over again. >> not like being successful is bad. because your rich your bad. i don't under it. i don't get it. >> right now you look like you're not concerned. >> i'm not that concerned, no. >> i have a typical crisis. we have them every five or six or seven years. people should not be that surprised about it. like any institution, including the military media and congress, sometimes there is a bad apple. yet we denigrate the whole institution. people around the world would give an arm or leg to own these countries. yes, there are some flaws. we should fix them. we should punish people if they committed a crime or made a terrible mistake. >> keep that last thought in mind about punishing people. but since 2008 jamie dimon has been saying over and over been come on a couple of bad apples. but we're all right at jp morgan morgan. when the

it's jamie dimon and lloyd blankfein. that's kind of it in terms of names that resonate across the country. for jamie to take this fall is tremendous. i don't know if it's going to force him out of the new york fed or not. that's one of the things reformers are going to call for. >> i want to hope this to our little panel here. matt, you have a great pieces in rolli rolling stone talking about regulatory reform and how to kill it. i want to draw your attention to two elements. one is paul krugman in the times today saying it's clear we need toetd restore the sorts of safeguards that gave us a couple of generations without major banking panics. it's clear that is to everyone except bankers and the politicians is bankroll. krugman making the case for increased regulation in the banking sector and yet on "meet the press" this week,. >> you think we needless financial regulation rather than more. >> i think we needless. dodd-frank didn't work. >> dodd-frank didn't work. matt, what do you make of that? >> dodd-frank hasn't had

morgan wouldn't be that profitable jamie dimon has to take a lot more risk than we really want him to in order to hit those earnings targets for wall street so he's kind of caught in the middle and you have to understand that dynamic because he lives in terror that the buy side is going to move out of his stock and into bay constrain it half a book value jamie dimon and loses his job so those are the interconnects here it's not all just about public policy it's about the big institutional investors who own j.p. morgan stock right i'm just about this point about corporate governance in general being bad in the u.s. and banks fall under that category however the financial sector has gobbled up a huge percentage of overall profits of the economy under the one industry that destroy anything in the u.s. economy any many ways but i want to ask you about another fraudulent situation m.f. global if you could talk on it a bit you're in the money management business yourself chris whalen has the crimes committed by m.f. global impacted your business it went amell marketing our new hedge fund wh

jamie dimon was it. that's what was so disheartening, you would like to think there is someone there that you can look at and say this is good. >> when chase was being held as this quote/unquote good bank they had destroyed counties and had been involved in scandals which they paid $100 million fine. they just had not this gigantic public scandal but they've been caught in doing all kinds of things. >> you can't have $360 billion in excess deposits, deposits which have been given to you by people to lend out into the economy and then refuse to lend those out and send them off to london and call yourself a good banker. >> eliot: in a way that might be the most important point if we come back to what matters in getting our economy going. you're saying they've taken this huge pipeline of deposits, which is instead of doing what we want banks and need banks to do which is to lend it out, they put it in a casino. >> they're not just taking the deposits but the cheap, almost free money that they're getting in

do you accept jamie dimon's accountability for this? elizabeth warren, who was the chairwoman of the congressional oversight panel on t.a.r.p., has called for him to resign his post on the new york fed, while a lot of the regulatory regime has worked out. what do you say about that? >> i think the issue here is the power of the banks and whether or not we're going to regulate those banks and put a cop back on wall street. i think this is an issue which is not involving personalities and should not involve personalities, and so i don't get into that. the issue is whether we are going to stick with the law as written, which will prevent us from bailing out banks again. the only way to do that is to make sure they don't take the kind of risks we're taking here. >> what price should be paid? jamie dimon said at the end of that interview we should pay a price for that. what's the price? >> the price will be that they will lose their battle in washington to weaken the rule. that is the real price. in terms of past activities, that's in the ha

but now jamie dimon's in the rough. cramer's looking for answers after jpmorgan's stunning $2 billion blunder and deciding if it's still worth owning. all coming up on "mad money." >>> it is time, it is time for the "lightning round" on cramer's "mad money." time for rapid-fire calls, tell you whether to buy, buy, or sell, sell, sell. when you hear this sound, the "lightning round" is over. are you ready, skee-daddy! it's time for the "lightning round" on cramer's "mad money." let's start with tom in massachusetts. tom. >> hey, jim, i've got a south boston boo-yah for you. >> i've got my daughter lives near you. boo-yah, right back at you. what's going on? >> longtime natural gas and i'm thinking ultrapetroleum as low-cost producer. >> they are a low-cost producer, but that doesn't do it for me. i've got to have a company that's positioning out of natural gas. we'll have to say no on ultra. let's go to larry in florida. larry? >> caller: hey, jim. a big florida boo-yah to you. >> sunshine boo-yah back at you. >> caller: