me maybe hey, i just met you wow. well, there s a surprising fact about the artist, carly ray jepson. outfront, next. i m erin burnett. welcome to outfront. outfront tonight, jamie dime on opens his kimono. the ceo of jpmorgan chase gave us all quite a mental image when he testified in front of the senate banking committee in washington about whether the largest bank in the united states has been open about its multi billion dollar trade losses. we generally are open kimono with the regulators and tell them what they want to know. open kimono. sure, that sure sexes up that testimony in washington but maybe he was open kimono about the things he knew about but not about things he didn t, like how the trade in question had morphed out of control. so this transaction that you said morphed, what did it morph into, russian roulette? it morphed into something i can t justify, that was just too risky for our company. he couldn t justify it. it was too risky. it s
weighing in on what should be done do keep this from happening again. and peter has the latest from washington, dc. peter: the c.e.o. of j.p. morgan chase said their $2 billion bet gone bad will give financial regulators more ammunition to clamp down on banks but jamie dimon says everyone in business makes mistakes but it doesn t mean they are toast just because they are sloppy. this is not a life threatening risk to j.p. morgan chase but a stupid thing they should not have done but we will still earn a lot of money. it is not like the company is jeopardized. he supports 70 percent of dodd-frank, the regulations put in place after the financial crisis but the loss would not have been stopped by the volcker rule which is finalized and will stop banks who get federal money from making bets for their profit. he says this bet was a hedge against potential loss. but democratic senator levin will close the loophole that let this happen. issue is whether we are going
mitt romney on the defense. we are just three weeks away from the first presidential contest of the 2012 campaign, and the attacks are in full force. let s be candid. the only reason you didn t become a career politician is you lost to teddy kennedy in 1994. wait a second. now wait a second. that s wait a second. paul steinhauser is joining us from des moines. gingrich survived. how did he do it? exactly, kyra. listen, newt gingrich, the reason he jumped in the polls and surged the last couple of months is because he has been doing very well in these debates. we saw it again saturday night. as everybody suspected, newt gingrich now that he is a front-runner here in the first state to hold a contest in the caucus of primary calendars, we knew he would come under attack. he did. from mitt romney and from the others. but he seemed to have the measured response each time. now, this squabble that you just played over the debate saturday night has been continuing between
they made money on, they were shipping coal to latin america. also here at home, though, people don t give up. we see occupy wall street and it feels like, oh, man, woe is me. most people in this country got up this morning and went to work megyn: uh-huh. or would like to. those who didn t are looking for a job. the point is, we re better off than we think we are. we are, obviously, still not anywhere where we can be, but there s enough signs of life that we could catapult this thing. megyn: you re all about making bets on the stock market i ve got to tell you something, i m excited. i ve made people so much money in the last three weeks. megyn: why am i not one of them? [laughter] we ve got to get you on the list. megyn: i m one of the lucky ones, i don t have money in the stock market. well, it was an operation that resulted in the death of at least two border patrol agents overseen by the department of homeland security. so how could the homeland security chief not have
reserve will absolutely say, no way, it s not us, we didn t do it. but when we talk about the risk premium and people scared about what s going to happen in the middle east, they want to start making bets. the federal reserve has cut interest rates so low and flooded the system with so much money that it s made it much more profitable for hedge funds and other investors to make these bets on oil. all right. now, fadel, i want to ask you one thing. i m a big alternative energy fan. i love the fact that oil prices and high gas prices pump the money into alternatives and that people con serve. but if every american were to conserve oil right now, i don t think it would make one bit of difference to the oil demand, because while we still use more oil than anyone, that s going to change over time. i don t think that matters all that much. true or false? it s false for a very simple reason.