said morphed, what did it morph into, russian roulette? it morphed into something i can t justify. it was too risky for our company. dimon said jpmorgan has a quote diamond balance sheet. for more, let s go to cnbc s steve sedgewick live in london. did we learn anything new yesterday? we learned that jamie dimon is a very good public relations man, as well as a very strong banker. he was contrite at times, pugnacious at times, we learned nothing about the position itself and we won t learn anything about the size of the losses until we get the second quarter results in the middle of july. as we heard on the bit of tape there, he was saying it was a hedge. it was a hedge against assets held by the company, in case there was a crisis. that would have made the company a lot of money. but he said he couldn t defend what it morphed into. it was also very critical of the regulators and perhaps a lot of people need to be critical of the regulators, let us not
to stage a comeback after a downgrade from moody s sent investors fleeing in monday s session. for the details, let s go to cnbc s steve sedgewick in london. good to see you. the euphoria today has been zapped out of the market. we had hope we d get a decent sized bounce after yesterday s dropping on the u.s. and european indices. the problem is once again the euro zone. all the rating agencies, s&p, fitch and in this case moody s are concerned that we haven t had enough cohesive action out of the euro zone. so moody s has warned the euro zone and broader eu that in the first quarter of 2012 there could be some form of change to the ratings. they re saying basically brussels did not come up with a cohesive agreement and that means basically nothing has changed and we haven t got nearer to resolution for the euro zone. back to you, mike. thanks very much. following that is like following a yo-yo. still ahead on way too early, seattle fans make it
area for house counseling, where you can go over and they will intercede on your behalf to some of these banks and maybe sure the paperwork is done correctly. i cannot stress that enough for whether you re in the military or not. to try to save your house, go see your congress person or see a nonprofit neighborhood housing associations. congresswoman sanchez, thank you. important information. happy holidays. always a pleasure. we ve been watching this. wow, look at the dow now. it s been up close to 400 all morning. now 422 in positive territory. let s go to cnbc s mandy here with what s moving your money. boy, what we re seeing is quite the reaction to the easing of credit, right? yeah, absolutely. you ve got the global coordinator at central bank action and china cutting reserve ratio rirms for banks over there. what you have as a result is a monster rally with 422 to the good for dow jones industrial
until it wouldn t benefit mitt romney to bring women forward. so that s ridiculous. but the idea, you know, his supporters i think will buy this idea that there is an orchestrated effort to tarnish his character and that what he should do is to fight. and i think that s what he s doing and i think that we do see some slippage in the polls, but he s holding relatively firm for there to be announced to be four people saying that he did pretty much the same thing and he has not slipped very much and there are some people who are going to vote for him anyway. so he s okay. i was one of the people who thought there was too many debates, but i can t wait for tonight. we re going to talk more about that cnbc debate of the republican candidates later on in this hour. in the meantime, larry, charles, great conversation, thank you, gentlemen. and at 11:00 a.m. this morning, thomas roberts will talk to cain accuser sharon bialek.
and i know mitt romney has that plan too. thank you, both. we appreciate it. don t forget to catch the debate tonight on cnbc 8:00 eastern time. just got this statement from joe paterno from state college pennsylvania. i m absolutely devastated by the developments in this case. i grieve for the children and their families. i pray for their comfort and relief. i have come to work every day for the last 61 years with one clear goal in mind, to serve the best interest of this university. and he goes on to say, that s why i ve decided to announce my retirement effective at the end of this season. the winningest coach in college football history. four more games and he will walk away. we ll be right back. tar. my coat? solid gold. my insides? pure platinum. [ female announcer ] a healthy outside starts inside. new iams simple & natural has chicken as its number one ingredient and zero fillers. it works inside for health you can see on the outside. [ dog ] i can t be a rockstar on