vice-chairman douglas bronstein admitted to the lawmakers that he withheld reports on the losses from regulators for two weeks because he was concerned about bank confidentiality. >> we misunderstood the risks. we misunderstood the complication in it. we ultimately misunderstood what the estimated performance of it would be. so in hindsight, we got that wrong. >> the senators expressed concern that taxpayers shouldn't be on the hook for reckless trading of complex securities, and that tougher oversight is needed for similar high-risk transactions, especially in a bank that some consider too big to fail. >>> former federal reserve chairman alan greenspan told cnbc today he thinks the problem of getting too big to fail is getting worse, not better. one reason as he explained to me in an interview for "nbr" this morning is the structural flaws he sees in in the dodd/frank reform laws. i begin my conversation with the man who coined the phrase "irrational exuberance" in 1996, by asking whether we're anywhere close to that giddy spirit right now. >> nowhere close. the characteristics of wh

told that it was a very difficult day for her, as well as other jpmorgan executives, including douglas bronstein>> thank you so much, kate kelly. more reaction right now with our guest. >> he says jamie dimon and jpmorgan are deserving everything they're getting here and more. but mark clabaro wants to know who got hurt. at the end of the day, this cost jpmorgan money and no one else. >> how many times do we have to yearly collapse the system before we learn a lesson? we almost collapsed it in 2008 with aig. in this particular sentence, you had a $6 billion loss and jpmorgan was able to absorb it. but do we need to collapse the system a third time before we learn the lessons? >> but it didn't. it didn't collapse the system. and in fact, as jpmorgan was highly profitable. >> that's like saying that the avalanche didn't kill me today, but it could fall down and kill six skiers tomorrow. the avalanche is waiting to happen. don't blame the snowflake, maria. >> are you saying this company should take no risk? >> i'm saying they should understand the risks. they don't understand the risks. jamie dimon

losses in the co-chief executive officer of the corporate and investment bank jpmorgan chase and douglas bronstein, the current vice chairman and former chief financial officer from 2010 to 2012 the jpmorgan chase. i appreciate you being with us this morning. we look forward to your testimony pursuant to those of the sub to many, all witnesses who testified before us are required to be sworn, so i ask each of you raise your right hand. do you swear the testimony about to get to decide what is the truth, the whole truth and nothing but the truth so help you god? did you hear now about the timing system? if you have opening statements -- now you do. do you want to put your mike on, please? >> may i click >> yes. >> chairman levin, ranking member became members of the subcommittee, my name is michael cavanaugh ananda co-ceo the corporate investment bank jpmorgan. iceni recently led a task force that conducted a review of circumstances surrounding the 2012 losses in jpmorgan chief investment office. he appreciate the opportunity to discuss the task force work to describe what we found puzzles the step