beleaguered ceo, jamie dimon, is facing a grilling from shareholders during the company's annual meeting in tampa, florida. he is telling the shareholders the company's mistakes were self-inflicted. with the bank stock dropping 12%, and that crushing loss, dimon may be in losing his post as chairman. let's take a look at how the markets are reacting. today green arrows across the board. the dow jones rebounding 21 points from yesterday. but we saw yesterday red arrows across the board. we'll see how this tuesday plays out. we want to bring in now and joining the conversation congresswoman debbie wasserman schultz. congresswoman, it's nice to see you today. >> you too, thomas. >> let's talk exactly about what's taking place in florida, your home state. jamie dimon getting grilled from shareholders, asking for accountability over this. the president taped an interview for "the view" and he was asked

directly about jpmorgan chase and this situation. take a listen. >> jpmorgan is one of the best managed banks there is. jamie dimon, the head of it, is one of the smartest bankers we've got. they still lost $2 billion and counting. this is why we passed wall street reform. >> so the president there talking about why wall street reform was passed. however, democrats have gone on to look at this situation to call it the prime example for more regulation. but if dimon is the best out there, still is, as the president would like to say, this happened on his watch, couldn't the argument be made that jpmorgan is really the best example of the failure of the regulations of dodd-frank, a bill that you voted for? >> no, on the contrary, thomas. i think most people don't realize that the dodd-frank wall street reform legislation has not been fully implemented, not nearly. in fact the rules that are being developed by the department of the treasury and the fdic and the other relevant agencies are

still being promulgated. not helped by the fact that the republicans have done everything they could to slow down and block president obama's nominees for the staff of the department of the treasury. so it's absolutely the example of why we need to make sure that the reforms that president obama championed and democrats in congress passed are fully implemented so we can strike a balance between ensuring that businesses have an opportunity to thrive, but at the same time that consumers have the protection that they need. and that did not exist before and what's really disturbing is that in part this election is going to be a clear choice between president obama, who wants to strike that balance and wants to continue to champion the protection of consumers and the strength and opportunity for business to thrive. mitt romney wants to do a repeat, take us back to the failed policies of the past and let wall street write its own rules again.

and then we'd have more jpmorgan's popping up all over the place, particularly because other institutions are not nearly as strong as jpmorgan is. >> congresswoman, so as the president makes this call for wanting regulation in place on wall street, he was also here in new york where he raised cash from wall street donors at the apartment of the president of blackstone group lp. you've also received cash from wall street donors for your campaign. how do you answer to those who say that the president seems to have this split personality approach when it comes to wall street, chastising them on one hand, calling for more regulation, but also accepts their money which can blur the lines of influence here? >> well, i think there's nobody that could argue that there's a blurred line of influence. president obama championed wall street reform. pushed hard to make sure that it became a reality and signed it into law. that was in spite of the fact that there was tremendous pushback from wall street executives and, notably, there are a number last night and at

other times during the campaign that have stepped up to support him because some of them understand that there needs to be a balance between consumer protection and helping businesses thrive. but at the end of the day, the president keeps consumers foremost in his mind and it's incredibly important that we make sure that our campaign is -- and that people know that our campaign is a people-powered campaign. our average contribution is $50. mitt romney's special interest fueled campaign is going to be continuing to be funded by massive corporate special interests and that's the difference. >> congresswoman, in your estimation, as we remember back to 2008 and the phrase "too big to fail," should too big to fail mean too big to exist in the first place in this country? >> you know what, i don't think so. i think we setup in dodd-frank a structure in which you can have a too big to fail structure that ensures that the consumers are protected, that you don't have a

situation where we have to do the bailouts like we did in this last crisis, but i think we do have to really be careful about making sure that very large institutions are not allowed to repeat the same mistakes of the past, that tie up very complicated investments that make it impossible for them to be unwound. that's what dodd-frank was designed to protect. >> as we look at this new usa today/gallup poll that asked who would improve the economy with the options of the president or mitt romney, 55% said mitt romney, 46% said obama. what do you feel that the president needs to do in the next few months to make sure that that impression is turned around so the perception is changed? how do you fight that? >> well, that same poll also showed that the majority of americans are very optimistic about their own financial future and they look down the road a year from now and see things

really significantly improving. so president obama needs to stay focused -- >> do you think they're thinking that's because there's going to be a new president in place that will help them with their future? >> thomas, that same poll also said that the overwhelming majority of americans polled there believe that president obama will be re-elected. there will be a close election and we still have a lot of work left to do. president obama has to stay focused on creating jobs and fighting for the middle class, giving everybody an opportunity to betrasted with mitt romney w believes we should extend tax breaks to millionaires and billionaires. corporate special interests should get the best opportunities. president obama wants to make sure that everybody has a fair shot, everybody plays by the same set of rules and everybody has a fair opportunity to success. so they can live the american dream. i think that's what the overwhelming majority of americans believe in and that's why president obama will be successful in november. >> real quickly because i know

you are a supporter of lbgt rights in this country. >> oh, yes, very definitely. >> the poll out today concerns the voters' perception of the president' endorsement of marriage equality. more than 60% of people said he made this endorsement for political reasons, not because he thinks this is right. the "washington post" reported that six obama bundlers are lbgt. how do you answer that, that some people perceive that the pd is pandering and doing so for donors. >> as someone who represents one of the largest lbgt communities in the country, i think it's actually awesome that we've come so far in advancing the rights of the lgbt community, that people would question that it's a good thing politically for a president of the united states to come out for marriage equality. so that shows the progress that we've made. but this is a civil rights issue of our generation. president obama came out for marriage equality because he believes in it personal

louisialy. he believes no one should be discriminated against and the laws in our country should reflect equality for all americans, regardless of their choices, regardless of their sexual orientation, regardless of their race, gender, sexual orientation and that's what he stood for. >> congresswoman debbie wasserman schultz, it's great to see you today. thanks for your time today, i do appreciate that. >> you too, thomas. a shocking twist in the disappearance of a 6-year-old, isabel celis. police say her father no longer allowed to have contact with his sons. plus facebook raises the price for its ipo coming your way on friday. also the expectations for what could be the biggest public debut of a u.s. company ever. we'll bring you the updated details ahead. hey. am i the only one here without a sippy cup? not in my house. with maxwell house, we are perfectly capable of brewing our own coffee. am i right little man? he knows what i'm sayin'.

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he promised us the same things he's promising the united states. he'll give you the same thing he gave us. nothing. >> the pro-obama super pac priorities usa is out with a new ad continuing the hits on the bain of mitt romney's political existence, bain capital. the romney camp is responding to the latest attacks with a three-minute web ad swiping at the president's record on jobs. >> when barack was running and all that, everyone believed, everyone had hope. they all thought, man, this guy is going to get something done. when he is in office, now it just seems like nothing is getting done. >> let's bring in today's political power panel. chris, alice stewart, former

campaign press secretary for rick santorum and joe williams, the white house correspondent for politico. it's great to see all 3 of you. alice, mitt romney is going to be in iowa to speak about the economy and the nation's debt. this new romney ad, featured unemployed iowans. the unemployment rate is 5.2%. iowa being the swing state as it is. alice i know you know it well from the primary season. if iowa is on a consistent path right now, what does mitt romney offer to iowans that might make them change course off of president obama. >> well, no matter what the unemployment rate is in iowa, there's still many people in iowa and across the country out of work, 23 million to be exact. the web out that they put out showed struggling iowans, people that have faced the consequences of the failed policies of the obama administration. they're telling their stories about how they lost jobs and their companies shut down due to the policies of the

administration that failed to make things better for people in iowa and across the country. there's a big difference, a sharp contrast in these two ads. first of all, the romney ad directly correlates with the leadership of the obama administration as opposed to the obama campaign ad, which focuses on bain capital, with a situation that happened two years after romney left. so it's a very misleading ad. it's a very ill-timed ad giving that he's attacking private equity firms on the say day he's going hat in hand to receive campaign contributions. >> chris, i want to show what everybody had -- the romney adviser had to say today about the obama campaign attack ads on bain and we'll talk on the other side. take a listen. >> i think these attempts by president obama to distract from his own poor record on the economy is the biggest smoke screen since mt. st. helens arupted. >> so did they attack romney's job records and then it exposes them or opens them up for this

count counterpunch? >> listen in, a presidential campaign there's going to be a choice between these two candidates and a contrast made. the president's campaign is absolutely justified going after governor romney's record. i mean this is part, i think, of his narrative, that he fixes things. but if you go back and kind of scratch at the surface and you look at his record, that's not really the case. and i think exposing that and pointing that out is critically important. you know, the fact is, listen, when you talk to the american people, there are a lot of anxiety anxiety and frustration about the company but they also gave the president a lot of credit in terms of where we started and losing 700,000 jobs a month and where we are now. is there a lot more to do? absolutely. but the big difference here is, is mitt romney the person that can make things better and i think that's not a question that the romney campaign have answered very effectively. >> the american people have to think which way the pendulum is

swimminging tod swinging today. 74% think the economy is poor. as we look at the numbers are more thinking the obama campaign is improving this economy and they want to stay consistent with the person that they have or are they more likely to be apt to the changes that may come under a president romney and his economic forecast? >> it's a double-edged sword, to be sure. on the one hand you do have an upswing in the economy. but when you do have an unemployment rate that's north of 8%, that indicates there's still a lot of pain out there. the obama administration acknowledges that and the romney administration is going to try to capitalize on that. speaking of ads, they're ads, not documentaries, and they're designed to play on the emotions. but i think what needs to be remembered in the factual part of the arguments that the two campaigns are making is the fact if you look at president obama's

job creation record, the number of jobs that ended up in the economy as a result of some of the policies that the administration put forth, it almost directly tracks with the policies that he was able to enact during the first couple of years of his first term. when the job numbers start slowing down correlates almost directly with the standoff over the debt ceiling and the debates he had with republicans in congress over direction of government spending. i think that's something the obama administration will try to point out. it doesn't fit neatly on a bumper sticker or advertisement but they can make a strong case of things going in the right direction. when they aren't going in the right direction, it's because the rips are standing in the way. >> alice, let's talk about jpmorgan chase and the losses that could top $4 billion. in your estimation how would president romney have prevented such a loss because they seem to be more about letting wall street be more of a casino than

a bank. >> well, it all stems back to dodd-frank. the leveraging aspect was not an aspect of dodd-frank and that would have more than likely prevented what we saw with jpmorgan chase. but the fact is, it's a tremendous loss. fortunately, just for the investors in that company and not for taxpayers. but it's a sign that this notion of too big to fail is not the right way to go about it. banks -- we have to let the free market system work. >> if we don't learn from our history, we're bound to repeat it. >> well, the key is we certainly don't need more regulation, we need less regulation. the regulation we're having from the obama administration and big government and big spending is certainly not working. this is an aspect where we need to let the free enterprise work. if a company is too big to fail, then we need to let it fail. >> i want to jump in because that's an absurd notion.

regulation is there for a reason, to keep people from losing their life savings if a bank goes under, to keep banks from making risky transactions that would put those life savings at risk. this also underscores the notion that a smaller government issin heron to the american capital system and regulation is necessary to keep things like this from happening and take people down under with it. >> elizabeth warren, massachusetts senate candidate and former candidate to head up the consumer protection agency, she basically crafted the consumer protection agency, said this about jpmorgan. take a listen. >> this is wrong. we need accountability in this system. we need a system where we've got a tough cop on the beat. no one should be able to steal your purse on main street or your pension on wall street. >> she was going to be the top cop but didn't get that job. if you are in the obama campaign, chris, is this good news for your platform, bad news? how do they turn this around to

turn what could be a negative into a positive? >> when you hear about $4 billion in losses, that just recreates that anxiety people felt back during the financial crisis. the argument about less regulation, i mean that sounds good and i think everybody can support it to some degree, but when you're talking about $4 billion losses an a financial crisis that almost brought the entire system down, that is not a very workable argument. and the problem for the romney campaign is how do they not talk about this when you have another glaring example of if you just let individuals do whatever they want, if you let the free enterprise completely run free without some kind of tempering regulation, you could have disastrous consequences. so i think this plays in kind of the narrative that the obama campaign is building up, which is here's -- you know, here's what we are here for. we are going to stand up and fight for the middle class. we're going to protect those who make this country stronger.

and i think it puts the romney campaign in a real difficult box. >> joe, real fast. >> one of the reasons why dodd-frank didn't prevent this is because bank lobbyists and financial lobbyists were able to weaken it through their own exertion of pressure on congress. that's one of the reasons why dodd-frank wasn't able to put the brakes on here. >> good to see all three of you this morning. thanks so much. i want to pass this along to everybody if you haven't gotten it already. nbc news has launched a new nbc politics app for ipad. users can get a look inside the 2012 election with this interactive battleground map, daily tip sheet with the day's most memorable photos and videos, also a collection of the top news coverage from the nbc political unit. you can download the nbc politics app for free from the app store today. so, we've certainly learned from history the cover-up always worse than the crime. right now former news international chief rebekah brooks might be learning that the hard way as well as her husband too.

plus, zero containment. a couple of wildfires not making it very easy for firefighters in arizona. we take you there for an update. look, every day we're using more and more energy. the world needs more energy. where's it going to come from? ♪ that's why right here, in australia, chevron is building one of the biggest natural gas projects in the world. enough power for a city the size of singapore for 50 years. what's it going to do to the planet? natural gas is the cleanest conventional fuel there is. we've got to be smart about this. it's a smart way to go. ♪ ♪ ♪

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they are well armed and they are well trained. but they never forget that theirs is a mission of peace. their job is to keep the peace. to allow all of us to enjoy peace in our neighborhoods and for our families. and today with heavy hearts, we honor those who gave our lives in the service of that mission. their families are in our thoughts and prayers as we remember the quiet courage of the men and women we have lost. these are officers like detective john falcone of poughkeepsie, new york. in february, detective falcone

responded to a shot on main street. when he arrived on the scene he saw a man holding a gun with one hand and a small child with the other. in a situation like that, every instinct pushes us toward self-preservation, but when the suspect fled, still holding the child, detective falcone didn't think twice. he took off in pursuit. tragically in the struggle that followed, he was shot and killed. he is survived by his parents. but there's another survivor as well. a 3-year-old child who might not be alive today had it not been for the sacrifice of a hero who gave his life for another. this willingness to risk everything for a complete stranger is extraordinary. and yet among our nation's law enforcement officers, it is also

common place. last summer, the north platte river was running high near douglas, wyoming. when a teenager girl got caught in the current, deputy brian goss of the converse county sheriff's office, jumped in after her. the girl was eventually pulled from the water, but deputy gross was swept away and he's survived by his wife, amy. today we remember a man who swore to protect his neighbors and who kept that promise, no matter what the cost. i suspect that at that moment, deputy gross wasn't trying to be a hero, he was just trying to do his job. you can find that bravery, the courage to do your duty day in and day out in so many officers across our country. one of those officers was deputy

sheriff suzanne hopper from clark county, ohio. deputy hopper was known as the go-to person in her department. no task was too large or too small. and on new year's day, 2011, deputy hopper arrived at a crime scene and began a preliminary investigation, just as she had done many times during her 12 years of service. but as she was photographing evidence, a man opened the door of his trailer and fired at her with a shotgun, killing her. and today we remember not just a fine officer, but a wife, a mother and a stepmother. like all those we honor today, deputy hopper is also survived by the fellow officers who she meant so much to and who meant so much to her. last week, her childhood friend,

sergeant chris schultz, posted her flag at a memorial in ohio. he made a promise in her memory. he said, to honor her we will keep going and continue to do what we've done, no matter how hard it is at times. we will keep going. there's no pledge that better honors the memory of those we have lost, and there are no memories, there are no words that better capture the unbreakable spirit of those who wear the badge. because even in the face of tragedy, i know that so many of you will return home and continue to do what you've always done. some of you will kiss your husbands or wives goodbye each morning and send them out the door not knowing what might happen that day. some of you are children and parents, sisters and brothers whose pride is mixed with worry.

and of course there are the officers themselves. every american who wears the badge knows the burdens that come with it. the long hours and the stress, the knowledge that just about any moment could be a matter of life or death. you carry these burdens so the rest of us don't have to. and this shared sense of purpose brings you together. and it brings you to our nation's capital today. you come from different states and different backgrounds and different walks of life, but i know that you come here as a community, one family, united by a quiet strength and a willingness to sacrifice on behalf of others. the rest of us can never fully understand what you go through, but please know that we hold you in our hearts, not just today but always. we are forever in your debt.

it is on behalf of all of us, the entire american people, that i offer my thoughts, my prayers and my thanks. may god shine a light upon the fallen and comfort the mourning. may he protect the peacemakers who protect us every day. and may he bless now and forever the united states of america. >> the president wrapping up his remarks this morning at the national peace officers memorial on the west lawn there at the u.s. capitol. again, just a reminder of what they're honoring today. this according to preliminary figures that 72 law enforcement officers were killed in 2011. that's 16 more than were slain in 2010. we heard the president there talking about how we lost some of our law enforcement figures

last year. we want to move on now to some breaking news that we just got moments ago. this vote of confidence from the shareholders meeting for jpmorgan chase, ceo jamie dimon, he has won this endorsement and he will keep the title as chairman of the board. this all happening right after jpmorgan chase getting the news that they have had such a tremendous loss. the annual meeting was taking place in tampa. most of these ballots were cast before thursday when it was disclosed about the multi billion dollar trading loss, a loss that could top $4 billion. however, dimon did receive an endorsement from president obama in a taped interview that was airing over on "the view." it's a major pr hit for dimon who has great credibility on wall street. also a pr hit for jpmorgan chase. we'll see how they work to rebound these losses throughout the year. in other news, rupert murdoch's chief executive is facing obstruction of justice scandal.

former "news of the world" editor rebekah brooks, her husband an four others are accused of conspiring to hide evidence in this case. all this after the house of commons blasted murdoch saying that the allegations of corruption and criminal conduct in his media dynasty made him unfit to oversee it. nbc correspondent joins me live now. what do these charges mean for brooks and company and the potential for the fallout for her boss, rupert murdoch, going forward? >> reporter: good morning, thomas. let me describe it like this. rebekah brooks is so close to rupert murdoch, she is described like a daughter to him. he promoted her through the business, making her one of the most powerful journalists in britain. some of those pictures you just saw there with rebekah brooks with rupert murdoch, that was last year in which he walked out into the street through reporters in a demonstration of his support for her.

and yet these charges filed today suggest that during that same time when rupert murdoch was walking side by side with her, she and a number of others, including her own husband, were involved in a cover-up of some of the phone hacking scandal. in other words, what we're talking about here as is often the case is not phone hacking itself, where journalists are accused of listening into cell phone messages, but the idea that perhaps some executives like rebekah brooks were involved in trying to cover it up, to try to stop the police from investigating, from finding the evidence. now, she is veem enhemently den it. i've learned in the last ten minutes that she and her husband, charlie brooks, will make a statement to camera this afternoon in which they will say exactly that. but it is even more difficult times for rupert murdoch. we already know that u.s. authorities are watching what's happening here to see what the outcome will be. this is u.k. prosecutors saying,

okay, in this case at least, we believe we have the evidence enough to charge and bring rebekah brooks to court. if she was found guilty, send her to jail for this charge which is called perverting the course of justice which in simple terms refers to a cover-up. so a very, very concerning day for rupert murdoch. >> and the cover-up often is more worse than the mistake, the original mistake. we'll see how this all pans out. thanks so much. that is a perfect segue into our next story, the cover-up being worse than the mistake. after weeks of standing pie her father's side, cate edwards is taking the stant in her father's defense. meantime the presiding judge banning a key witness from testifying in this case and that decision could force the former senator to testify. joining me now is north carolina's former deputy attorney general, hampton dellinger, hampton, it's good to have you here. obviously having cate edwards, the oldest daughter of john and

elizabeth take the stand, that entinterjects this new emotiona drama into the trial. but having her testify is actually a benefit to the defense's case because potentially this means that john edwards won't have to take the stand, correct? >> that's right. john edwards' lawyer said yesterday that whether edwards takes the stand in his own defense was the ultimate question. a question that edwards and his legal team have not yet decided. we expect cate edwards this afternoon. she really is the innocent victim in the whole affair and its cover-up. she's a harvard-educated lawyer. could be a very powerful witness for john edwards. >> is she also able to potentially sway the jury in the fact that she can paint john edwards, who has not been painted in such a great light, but in a much better light as a father and more as a human being? >> reporter: well, that's certainly the defense team's hope. she's able to talk, i think, about how much edwards, her father, wanted to preserve her family and not just his campaign, which is a key thick

for the defense. edwards, i think, got a break this morning. one of his former lawyers, wade smith, very well regarded, was able to serve essentially as a character witness for edwards and talk about what a hard worker he was. also the former fec chairman, scott thomas, was allowed to testify in a very limited capacity but he did make clear that his 30-plus years no one had ever asked him about the legality of money to cover up a mistress. >> so basically when you talk about that witness, scott thomas, testifying in this limited capacity, it's about the money being used, not attributed to being campaign finance donations? >> reporter: that's right. the defense team wanted the former federal election chairman to be able to talk about much more, but they got a little bit. thomas was prepared to say that what edwards did wasn't even a civil violation, much less a criminal violation. he wasn't able to go that far but he was able to talk about the complexity of election law and no one had ever raised this issue of money for a mistress as

a campaign contribution before, an he's seen it all. >> meanwhile, hampton, what about rielle hunter and whether or not she will take the stand or not? everybody wants to know whether or not she is going to have to be sworn in? >> reporter: i think all signs point to her not taking the stand. you know, the defense was able to clearly demonstrate in their cross examination of the youngs, the youngs kept most of the money intended for rielle hunter. she's such a wild card. the prosecution gave her immunity but didn't call her. i think the defense is nervous about why she'll wind up, even though they're hopeful her story would be consistent with edwards'. i think the key witness we have yet to see is edwards himself. we'll see cate. i don't think we'll see hunter. the question is will the defendant testify an take the stand for himself. >> hampton, great to see you this morning. thank you, sir. i appreciate it. here's a look at some other stories topping the news right now. firefighters are having a really tough go getting a handle on a series of intense wildfires in arizona that have forced

hundreds to evacuate. it's also left mountain ridges and coveted terrain there charred and black. a spokesman says hot, dry windy weather is making a bad situation even worse. in colorado, evacuations may be coming too. a blaze burning out of control and inching closer to homes in the ft. collins area. the father of a missing tucson girl has been ordered to stay away from his two other children, but he's not being named a suspect in isabel celis' disappearance. child welfare cited a need to keep her brothers safe, so for now sergio solis cannot interact with his sons. meanwhile they released 911 tapes from the morning isabel was reported missing. >> i need to report a missing child. i believe she was abducted from my house. >> is mom there also? >> she just left for work. i just called her and told her to get her butt home. >> police say they're following up on more than 1,000 tips but so far no good theory about where 6-year-old isabel might

be. she was last seen in her bedroom, and this is according to her father. authorities in mississippi fear a deadly gunman may be posing as a police officer pulling over drivers and then shooting to kill. two drivers were found dead in separate incidents along mississippi highways this month. drivers there are urged to drive on well-lit crowded areas if they are being pulled over. facebook is not even public stock yet, and already the opening price is shooting upwards. facebook is raising its expected public offering price to between $34 and $38 a share. that's up from the range originally forecast at $28 to $35. it could be the first u.s. company worth $100 billion at its public debut. a new cnbc poll found half of americans think that the stock is already overvalued and more than half say they don't click on the site's advertisements. vote of confidence, jpmorgan ceo jamie dimon feets face to face with shareholders after that multi billion dollar blunder and he keeps his job and his salary.

but senator bernie sanders thinks he should be removed from at least one key post. i'm going to talk to that senator next. [ donovan ] i hit a wall. and i thought "i can't do this, it's just too hard." then there was a moment. when i decided to find a way to keep going. go for olympic gold and go to college too. [ male announcer ] every day we help students earn their bachelor's or master's degree for tomorrow's careers.

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so the tea party is hoping to put the heat back on its pot come november. the aspiration of leaders have been bolstered by richard murdoch. joining me is david brucker. david, it's great to see you today. richard murdoch's victory in skpan indiana, let's talk more about that. what kind of message is this sending to the tea party. >> i think it excited the movement, at least the movement in d.c. for tea party leaders in d.c., whether it's senator jim demint or freedom works, they're hoping to recreate the magic of 2010 when you had a number of really solid tea party candidates rise

up in a sense out of nowhere and they're now in the united states senate and many are in the house. i think one thing we need to understand with indiana is that lugar ran an awful, awful race. so richard murdoch should get the edge when we think about who's going to win the general election, at least at this point. but dick lugar was seen as out of touch. it really wasn't necessarily the tea party winning this race alone as much as it was also dick lugar losing it. >> let's talk more about the tea party. you said there was a lot of excitement after 2010. it had a wind at its back, so to speak, the tea party but it's lost that head of steam in such a short period of time. why? >> well, i don't know that they have really lost their head of steam per se. i think it's just a matter of where a maturing activist movement goes after having so much success. when everything is new and fresh, you almost -- you can't go wrong because the expectations are set very low.

there are a number of solid tea party affiliated lawmakers in congress now where there weren't before. i think the question is are the candidates out there in 2012 for them to add to their roster. on the senate side at least so far, we haven't seen the same strength of candidate. now, that could change. we need to see what happens in texas with ted cruz, who has a lot of tea party support in washington. we need to see what happens in wisconsin where you have a number of tea party affiliated groups and members supporting mark newman, but it's just sort of a different electoral landscape where the focus is on the presidential race and not the congressional race. i think a lot of the energy is still there at the grassroots. it's a matter as whether you can have as good a candidate as you had in 2010 run for office and show up in washington next year. >> we shall see. david, great to see you today. i appreciate. >> it any time, thomas. thank you. we'll be right back with senator bernie sanders right after this. stick around.

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breaking news out of the multibuilding trading loss, jamie dimon will keep the title of chairman of the board. now, dimon says that the company may pursue callbacks of executives involved in bad trades. meanwhile, the $2 million loss is calling for regulators to make tougher regulations. senator sanders, what is your reaction to the news we got over the last half hour, that jamie dimon is going to keep his post, his title of the ceo. >> frankly, that's the decision of the board of directors. i could care less. but jpmorgan and i suspect all of wall street has not learned anything from the financial disaster of a few years ago

which plunged this country into the terrible recession that we're currently in. these guys are still playing in a gambling casino making reckless bets rather than investing in the productive economy providing capital to company producing real goods and services and creating jobs in america. we desperately need that type of activity. >> but the board gives dimon a vote of confidence. you're saying that it doesn't bother you what the board does but isn't that a direct link to dimon overseeing what we just witnessed here, this loss that they've recorded of $2 billion? how is that not a direct correlation that if they are not getting the message, things are not going to change on wall street. >> that's right. wall street in general is not getting the message. the internal workings is not a great concern to me. but what is going on in wall street, whether or not they are prepared to change their ways -- look, we've got 23 million people in this country

unemployed. we have small businesses all over america who are dying, for lack of affordable capital. what our financial institution is supposed to be about is making that capital available and creating decent paying jobs. the other point, thomas, that i would make is that all of us as americans should be worried that we are continuing down the path, once again, of a too big to fail scenario with these giant banks, jpmorgan chase, barveg of america can fail because of their reckless activity and, guess what, taxpayers may be forced to bail them out again. go ahead. >> as you bring that up, it's been two years since congress passed this overhaul of financial reform rules. many of those changes, they have yet to be finalized. how does this example affect the way that regulators might turn-key parts of that overhaul and implement it? >> well, obviously it tells you that congress has got to move much more aggressively.

in the real world, as most americans know, it is not the congress that regulates wall street. it's wall street that regulates the united states congress. these guys are unbelievably powerful. and there is lobbying ethics if you're asking me if we need to regulate wall street more, we do need to do that. most people don't know this. you have the sixth largest financial institutions which collectively have assets equivalent to two-thirds of the gdp of the united states of america, over $9 trillion. you know what? if you really want wall street reform, you've got to break these guys up. you can't continue to have that kind of concentration of ownership in this country. >> senator, i want to get to this quickly because you say that part of the problem and back to jamie dimon is that he's on the federal reserve board and

you say that's a conflict. you're working on a proposal to stop the fox guarding the hen house. how does this remedy that kind of conflict? >> it says when you have egregious examples of conflict of interest, you'll have the ceo, the chairman of the largest financial institution in this country sitting on a board which is supposed to be regulating large financial institutions, i think any third grader in this country will tell you you have a blatant conflict of interest. during the wall street bailout period, you have the fed handing out zero amounts of low interest loechbs to these same institutions whose ceos are sitting on the boards. >> bernie sanders, nice to see you. thank you. >> good to be with you. that's going to wrap it up for me. i'm going to see you back here at 11:00 a.m. eastern tomorrow. don't go anywhere, though. now with alex wagner comes your way for the next hour. hi, alex. >> hello, thomas.

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