on nbc meet the press this morning. he told the world the bank was dead wrong. peter dues see has more. reporter: the ceo said the $2 billion bet gone bad will give financial regulators more ammunition to clamp down on banks but he said everyone in business makes mistakes. just because theirs was sloppy and stupid doesn t mean they are toast. this is not a risk that is life threatening to jp morgan. this is a stupid thing that we should never have done but we will earn a lot of money this quarter. reporter: diamond said he supports about 70% of dodd- frank the regulations put in place after the financial crisis but this hung loss would not have been stopped by the cull beinger rule bulker rule which is being finalized. he says this bet was a hedge against potential loss but democratic senator carl levin said he will close the loophole that let this happen. the issue is whether we will stick with the law as written and prevent us from bailing out banks again and th