BREAKING NEWS

Obama says JPMorgan loss shows need for Wall St. Reform

By REUTERS

MAY 15, 2012 03:05

WASHINGTON - President Barack Obama said on Monday the huge trading loss at JPMorgan Chase & Co illustrated the need for Wall Street reform and the same kind of an error at a less stable bank may have required government intervention.

"JPMorgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting," Obama said on ABC's "The View," according to a transcript released by the network.

"We don't know all the details. It's going to be investigated, but this is why we passed Wall street Reform," Obama said.

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