>> i used to catch grief all the time from president cheney. >> highlights of his big night upstairs a by later. first to the news live at 5:30 a.m. at 30 rock in new york city. the chief investment officer at jpmorganchase is set to step aside after its $2 billion loss. ina drew is being held accountable for the financial blunder which cost the company $14 billion in stock market value. investors learned about it last week. jamie dimon spoke on "meet the press" to david gregory yesterday. he says it's too early to know if any rules were violated but the level of miscalculation is clear. >> we know we were sloppy. we know we were stupid. we know there was bad judgment. we don't know if any of that is true yet. of course, regulators should look at this. it's their job. they will come to their own conclusions but we intend to fix it, learn to be a better trade after we're done. >> it's meant to protect the company but as the markets change, the bank was left exposed to big losses. dimon says while the fallout is not "life lettening to the bank, it does open the door to more oversight of wall street. something he says he supports. >> we want the government to be able to take down a big bank like jpmorgan and think it could be done. dodd/frank gave the authority to take down a big bank and when it happen, the board should be fired and equity should be wiped out and the bank should be dismantled and the name buried in disgrace. >> have you given regulators new ammunition. >> absolutely. this is an inopportune time to do this. >> we bring in "the new york times" column is aaron ross soshgening. >> hey, buddy. >> what exactly in the plainest of terms happened at jpmorganchase? >> well, basically they -- when you think about a bank, they have about a trillion dollar, trillion plus of deposits. corporations, people, checking account, et cetera, then they loan out about $700 billion. they have about 300 billion, maybe 400 billion in between that's just sitting there. and typically they put it in treasuries. sometimes they make some investments because some people want yield and sometimes they decide i want to hedge my risk and say we're so exposed and given loans to all these people in the country, is there some way we can hedge that? in this case they decided, okay, we're worried if big companies go down, we could be at risk so we'll short effectively something that would protect us so we'd actually get money if there was a problem. in this case they made a really bad bet and miscalculated and did it wrong, the larger picture and because they did it wrong, the question is should they be able to make these rules at all. that's what dodd/frank is about and the key question. are these bets that actually hedge your risk or is it really speculative. and ultimately even when you're trying to do a good job and in this case i think it was a bet made in good faith, it can go wrong and it can go wrong in jpmorgan where they possibly do it better than most firms. >> so in 2008 we had one of the greatest financial crisises in the history of the country and got some legislation to help slow that or stop it the next time. i think you would admit it was defanged. probably not as tough as it ought to have been. what makes you believe -- we're hearing a lot of talk that things need to get tough on wall street, will there be new rules to stop this. >> right now we are literally in the process of some of the writing of those rules. there's the outlines that exist but, for example, the volcker rule which is this idea of separating the casino from the bank, the idea you can't make trades necessarily like this and by the way there was a big loophole left in so they could make trades like that, that may get shored up right now so you're seeing -- i was in washington this weekend. can you already feel it, there's a drum beat of support now to really put some fangs if you talk about it being defanged, put some fangs back in the legislation. >> i have to ask you a couple other stories. yahoo!'s ceo pushed out. scott thompson his name let go on sunday over a misleading resume hired in january to revamp yahoo! what happened here? >> unbelievable story about a guy who has an accounting degree. on his resume a couple years back when he was at paypal added to his academic credentials by claiming he was a computer scientist and an accounting major. the only problem there was no computer science major at his university till three or four years until after he left the university so he was caught out. he originally said that was inadvertent, he didn't do it, didn't know about it. in the process of an investigation that went on at yahoo! as part of a big proxy contest because they're trying to overthrow the board there are investors not just angry about him but the direction of the company, discovered this and pushed to get rid of him. >> even for the ceo you can't lie on your resume. >> do not lie on your resume. >> greece, again, now looks in danger of default. the political leaders there so far haven't formed a unity government after that election last week so the country's debt agreement with foreign lenders is in doubt. this is part of the ongoing push-back against austerity that are preconditioned for the bailout. is there a real chance greece could lose its spot in the eurozone community? >> the market this week will be a roller coaster, very to tell you. you look at what's going on in greece and for the first time in a meaningful way, we often talk, will greece be part of the euro. now we're there. that conversation is real. it is happening and for the first time i think there's a true -- a real element that by i don't want to say the summer but about within the next 12 months you could see them be forced to pull away. >> wow. wild day in the world of financial news. no better guy to talk about it. aaron ross sorkin, "squawk box" and cnbc coming up. talk to you soon, man. see you. coming up to 2012 politics now. president obama headed here to new york today. first he'll address opportunities the barnhard college then off to a campaign event with the gay and lesbian community hosted by the singer ricky martin just days after his endorsement of saim marriage "newsweek" declaring president obama, you see it right there, the first gay president with the rainbow halo and everything. tonight's crowd in new york will be paying between 5 grand and 35,000 bucks a ticket to meet the president of the united states. new "usa today"/gallup poll shows half of americans approve of his endorsement. a1%. 45% say they disapprove of the president president's decision. six in ten says the president's stance on day marriage will not have an effect on their vote, 26% says it makes them less likely to vote for him in november and 13% say they are no more likely to vote for president obama. mitt romney using his stance against gay marriage to connect with evangelical conservative voters and delivered the commencement address at liberty university saturday. >> culture, what you believe, what you value, how you live matt matters. now, as fundamental as these principles are, they may become topics of democratic debate from time to time. so it is today with the enduring institution of marriage, marriage is a relationship between one man and one woman. [ cheers and applause ] >> rnc chairman raines priebus defended that. >> mitt romney is a gracious, caring promise that believes every individual in this country including people who are gay deserve the dignity and respect that every american deserves but that doesn't change the fact that we believe that marriage should be between one man and one woman. >> you think the fight for gay marriage is a civil rights struggle? >> i don't think it's a matter of civil rights. i think it's a matter of whether or not we're going to adhere to something that's been historical and religious and legal in this country for many, many years. i mean marriage has to have a definition. >> meanwhile, family research counsel president tony perkins is taking issue with rand paul for these comments he made friday night in iowa. >> the president recently weighed in on marriage and, you know, he said his views were evolving on marriage and call me cynical, but i wasn't sure that his views on marriage could get any gayer. >> views on gay marriage could get any gayer. strongly against same-sex marriage said it's not a joke an senator paul should be respectful of others. after 12 years a janitor at columbia university can now say he has graduated from the ivy league school. the 52-year-old accepted his diploma yesterday, refugee from yugoslavia and fled there in 1992 as it slipped into a brutal civil war and took a job as a custody yaen at columbia where as an employee his classes were free. he studied in the morning then worked the evening shift. sometimes not sleeping at all. he focused on roman philosophy earning a bachelor's degree with honors in classics. the new graduate says he may pursue a doctorate in hopes of becoming a teacher. a diploma 12 years in the making. i'm told it was the most exciting thing to happen in soccer. granted the bar is pretty low for that. highlights of adramatic epl championship and highlights from american sports coming up. will ferrell opens up "saturday night live" in style bringing his mother up on stage and bringing back george w. bush. that story and a check on weather when "way too early" comes right back. followed by a police car and other signs of protection along the way. we arrived about 10:30. the riders got off. we tried to find out what they now intended to do. at that point i noticed a heavy-set man smoking a cigar. he was holding a pocket knife with the blade out and asked me whether i was with the group. i said no. ♪ ♪ i can do anything ♪ i can do anything today ♪ i can go anywhere ♪ i can go anywhere today ♪ la la la la la la la [ male announcer ] dow solutions help millions of people by helping to make gluten free bread that doesn't taste gluten free. together, the elements of science and the human element can solve anything. solutionism. the new optimism. with the touch of a button ? droid does. does it post it instantly to facebook with sound ? droid does. droid with color for facebook. it's the ultimate status update. get a droid razr maxx by motorola for only $199.99. dave, i've downloaded a virus. yeah. ♪ dave, where are we on the new laptop? it's so slow! i'm calling dave. 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[ male announcer ] wells fargo. with you when you're ready to move. welcome back to "way too early." 5:45 in the morning. sun is coming up. let's see if it will break through. bill karins has a look at the forecast. i can tell by the green behind you. >> a lot of rain on this map. eastern seaboard looks like another middle of the week with gloomy, rainy weather. third week in a row we'll deal with it, monday, tuesday, and wednesday and clear it out till we get to next weekend again. this morning, a lot of rain heading up through the mountainous areas of west virginia, virginia, north carolina. d.c. starting to get reports of showers too so it's an umbrella day in many areas of the mid-atlantic and into the northeast and rain is racing northwards. we could get significant rains out of this. some will get rounds of thunderstorms too. possibility of 1 to 3 inch, maybe a couple of areas higher than that in and around washington, d.c. now, that's the bad stuff. the rest of the country is fantastic from the middle of the nation all the way through the west. we're going to see a lot of sunshine today. a lot of warm temperatures and if you want to talk about the heat, it's on, midsummerlike in phoenix. yesterday you were around 105 so, well, it's just the eastern seaboard is the only problem. >> down to 104 from 105. second round of the nba playoffs. the heat hosting the pacers. before the game lebron james presented with his third mvp trophy. got that from commissioner david stern in front of a packed home crowd. he joins only eight other players in nba history to be awarded three times and just getting started. backing up that mvp trophy he had 32 points and 15 rebeccas. the heat win, 90-85. yesterday the clippers bench come as live scoring 25 of their final 27 points. nick young had 13. they move on to play the sop seeded san antonio spurs, spurs/clippers in round two. the conference finals are set. rangers and devils paired off and play game one tonight. out west kings and phoenix kye wricoyote coyotes. first period, morris blasts one from midice beating jonathan quick. look at the replay. look at that. midice. goalie caught napping. shot skids right over the pad and kings get one back, third period tied. dustin brown and kings take game one, 4-26r7b8g9s reds and nationals. joey votto, a big contract and ballot. solo home run in the first then another solo shot in the fourth. this time to straightaway center but the bottom of the ninth is where the magic happened. reds down a run, two outs, bases loaded. votto comes to the plate. here he is. >> 2-2 to votto. head deep sinter field and going back at the warning track. >> oh! >> it's going to be gone. it's gone. joey votto has delivered. make it "v" for victory. >> the walkoff grand slam for joey votto. the former mvp, 4 for 5, three home run, six ribbyes and reds win, 9-6. stanton, former like mike stanton hit a grand slam to beat the mets. stanton's seventh of the season. first time since 1998. he had two walkoff grand slams in the same day. and in the bronx, the yankees' andy pettitte returned to the mound for the first time since retiring. 39, went 6 1/3. gave up four runs including this two-run shot to justin smoke. yankees did not help out with the bats. mariners spoiled his return, 6-2. if you are a soccer fan, you were glued yesterday to the television. a pair of games to determine the champion of the english premier league, manchester city needed a victory to win the title against queens park rangers wrapping up their first full season in 15 years. minor league team, i'm told. zeco gives mans city a fighting chance to win, two minutes later it is tied at two. desperate need of a goal. sergio aguero fires home the game winner with seconds to spare and extra time. man city wins its first title since 1968 and going nuts in manchester. joer seas hoops. after scoring 41 points to lead the beijing ducks to victory a month and a half ago stephon marbury has now been immortalized in beijing, a giant life-size statue of him. former bulls forward dennis rodman was there to give the statue's dedication speech. that's when it turned into an acid trip. the statue is a sign of appreciation for the fans for marbury who is not eligible for the mvp award because he is not a chinese citizen. top bankers of jpmorgan chase are shown the door in the wake of the company's $2 billion debacle for new calls for tighter regulations. when we come back we watch will ferrell return to his old stomping grounds at 30 rookie and, yes, "w" came with him. we'll be right back. [ female announcer ] removing facial hair can be irritating. challenge that. olay smooth finish facial hair removal duo. first a gentle balm then the removal cream. effective together with less irritation and as gentle as a feather. olay hair removal duo. at the top of the show we told you at least three top bankers will leave jpmorgan chase after they lost more than 2 billion on risky trades announced by jamie dimon. even with that hit and 10% drop in stock value on friday, the company going to be just fine. sound smart, tell your friends despite the loss jpmorgan chase set to make around $4 billion in profit this quarter. that would be down, though, from 5.38 billion the firm made in the first quarter. it remains among the most profitable companies in the world. all right, enough of the real news. huddle around the water cooler to watch will ferrell return to ""sn "snl." he came back with anna ga gastmeyer. you have to watch that one online and came back with george w. bush that's in the opening sketch saw vice president joe biden as an angry teenager lashing out at president obama for stealing his thunder on the issue of gay marriage. "w" relates with biden. >> joe, come on. you should be proud of what you did on "meet the press" you're a great vice president, joe. >> you know, some people say i make a great president. lrs, better than you even. >> who says that? >> george. >> want to talk about your imaginary friend. >> he's real. all right. he's gone. you can come out, george. >> whoo. that was close. >> now, what's wrong, comepadre, you seem down. >> everybody says i have a big mouth. well, it's my big mouth that got things done this time, not his careful weighing of options. >> heck, those smarty pants types are never going to understand speak first guys like us. >> i'm so sick of the way presidents are riding me. i'm an adult. >> hey, i've been there. i've been there. i used to catch grief all the time from president cheney. >> uh-huh. >> i'd be in the oval office hooking up the slurpee machine settling into a "charles in charge" marathon and that that penguin would waddle in and yell get your pants on we're go to bomb blobbed bl blah blah blah. mission accomplished. >> what is that mean? >> that a problem i don't want to talk about anymore. >> it's the 100 digital short. check online. why you were awake the tweets are next and "morning joe" is just moments away. ere born to c. born to leap, born to stalk, and born to pounce. to understand why, we journeyed to africa, where their wild ancestor was born. there we discovered that cats, no matter where they are... are born to be cats. and shouldn't your cat be who he was born to be? discover your cat's true nature. purina one. with the bankamericard cash rewards credit card, we earn more cash back for the things we buy most. 1% cash back everywhere, every time. 2% on groceries. 3% on gas. automatically. no hoops to jump through. no annual fee. that's 1% back on... wow! 2% on my homemade lasagna. 3% back on [ friends ] road trip!!!!!!!!!!!! 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