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Just news' Anthony Mason.
Good morning Christmas -- morning glory Amman aren't -- pretty good so are you all.
And you know I've been on for years and -- I'm Ron asked to which literature primarily report on Libya.
On economics for the CBS evening news.
And then now you do your interviews throughout -- News relax and mr.
For the Sunday morning shows -- Ryan that -- -- a star routes.
-- economics and Jamie Dimon.
-- billion dollars in the past six ways forward here.
Well I mean -- two billion dollars and counting bodies by all accounts and it's probably gonna go up.
It could be another billion dollars believe it or not -- I think that.
This trade is is still -- apparently having no one's quite sure what it is.
Because the bank doesn't want to let people look at them everybody will try to that this record against on the bet against them and make them lose even more money but.
It's it's a substantial kind of breathtaking amount of money.
-- Well one of them -- just -- and I'm most curious.
As time is known about this for sometime aren't.
What he's known about it I mean he was asked about it specifically.
On April 13.
-- in a conference call and whipped winds there have been a couple of articles about.
A huge -- being placed in the credit derivatives market that was kind of roiling the markets at the time and he dismissed it and that it was a tempest in a teapot those were his exact words.
And they're coming back to haunt him that helps -- from virtually every analyst in the business.
Because you know he was being kind of brash at the time and now -- apparent you know maybe he didn't actually know what was going on.
Which is just -- -- a new.
Well that's the scary part I mean this is this is the biggest bank in the country down by assets.
And it's the one minute of it looked at looked at least like it came through the financial crisis in the best shape and having had the best record in now.
Jamie Dimon who has been a real point man on the bank's efforts to limit regulations.
You know it it looks like you know that he maybe didn't know what was going on -- that the bank's risk management is in question.
-- -- -- -- Difficult position to continue to argue that poses crawl -- Well I think it does -- and he's acknowledged as much -- mean it looks like this morning that as many as 3COM.
Traders of the bank are gonna get the act.
-- I think they're moving as quickly -- they came to do damage control here but.
You know -- Jamie Dimon was a close to a golden boy is Wall Street had -- you know in the aftermath of the whole financial crisis have in but I don't think he can be a golden boy anymore.
Talking of that famous and seriousness I don't lose -- monitor what's that like those credit don't similar to loose credit default swaps and whenever they were the -- -- all the problems last time around her.
Well I think people are still trying to understand what they are exactly basically.
As I understand that this was this was ahead -- up.
You know that's what's ironic about this -- this was not this was not a rogue trader who is you know the guy carried away and then got in trouble this was.
This was part of a bank the banks attempt to hedge its risk basically.
Does that -- this as one analyst likened it to me for that like they bought an insurance policy.
You know but then the insurance policy went bad and they lost a fortune -- that.
On -- -- there's still made billions of dollars and.
Thank you still hugely profitable none of -- and it's not in trouble and you know if you have money in chase it's not like.
You need to pull it out or anything it -- they can absorb this risk to the real the real concern here you know it is that.
You know the banks have been arguing.
You know in in resisting regulation the banks have been arguing essentially they can -- police themselves and you know now you look at this and if you -- Maybe not.
-- all why should we care.
All the numbers that lost money.
You you only hear it in as much as as what we saw with the financial crisis was that the banks.
Made bad -- -- got themselves in trouble it was the taxpayers who essentially have to bail amount.
And and this raises the whole too big to fail issue again which is you know can you have a bank.
The -- of JPMorgan Chase which essentially is you know it.
In effect you know essential to the economy.
You know do you what do we need more regulation on those companies so they don't take risks that ultimately threaten themselves.
And threaten not the taxpayer.
On Tyndall an -- Arnold antivirus and CBS news -- know a lot of friends of mine.
Tell me they hate Mark Zuckerberg.
I'm not sure -- bottle I guess that could explain it to me except -- my attention span is.
-- Bob like out of -- Hummingbird.
And I'm gonna -- -- I'm not the son of the -- -- or -- on on their transport.
I I don't I don't know the man I can't I can't.
I don't let alone in my don't hate -- my have a love hate relationship with FaceBook coo I don't know if you use credit.
It's it's one of those things -- sort of come to enter into almost everybody lifer in some form or another and I think it's going to be very I think that that's that.
Stock offering on Friday is probably gonna go through the roof but there's a lot of question away as to what the company is really work.
I I haven't embraced Twitter either and hi thanks for the millions of little or no -- you probably know why it solved all tools are divided.
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