despite admitting serious mistakes in a strategy that lost balance for th billions for e company, he s pushing back. peter doocy is live in washington with the latest. it was interesting to hear from jamie diamond himself this morning. tell us more. reporter: we know the ceo of j.p. morgan because he s famous for guiding his bank through great success. he admitted the loss is the result of a terrible, egregious mistake. he said everybody in business makes mistake. just because they lost a lot of money doesn t mean that regulators necessarily need to come in and take control. the question is size. this is not a risk which is life-threatening to j.p. morgan. it s a stupid thing that we should never have done, but we re still going to earn a lot of money this quarter. it isn t like the company s jeopardized. reporter: diamond said that he supports about 70% of dodd frank which is the name of the 2010 bill passed to try to clean up wall street. some republicans thing the