good evening, everyone. i m erin burnett. outfront tonight, warning signs ignored. the fallout swept around the world today from america s biggest banks, multibillion dollar loss on risky trades. in washington, senator carl levin held a conference call with reporters about jpmorgan s shocking trading losses which 0 could be up to $3 billion and the credit rating agency fitch slapped jp morgue win a drowngrade citing reputational risk. stocks plunged taking other banks down. the boss, america s most well-known banker was taken by surprise. here s jamie dimon one month ago responding to confess about bad trades and his risk management unit. it s is a complete tempest in a teapot. sophisticated, complex things. at the end of the day that s our job. envist that portfolio widely and intelligently over a long period of time to earn income and to offset other exposures we have. well, here he is last night when it turned out that temp it was anything but. these were grievous