ina drew, the chief investment officer who oversaw the trades causing the loss, today retired. a 30-year veteran well liked by colleagues and a quiet mentor to women, she tried to resign several times before the loss was made public, says a senior jpmorgan official. >> wall street only remembers your last trade. unfortunately for ina drew, it was a big one and on the wrong side. >> drew reported directly to ceo jamie dimon. in a statement today, dimon called drew a great partner. adding despite our losses, ina's vast contributions to the company should not be overshadowed by these events. >> this morning, my exclusive interview -- >> on "meet the press" dimon admitted the trade was a terrible, egregious mistake but insisted the bank is still healthy. >> it's a stupid thing that we should never have done, but we're still going to earn a lot of money this quarter. so it isn't like this company is jeopardized. >> dimon's reputation is. the spokes person against inal creased regulation on risk now tarnished, too. >> we need a system where we have a tough cop on the beat, no one sho

if you could, then why did ina drew let this happen?ons but the fact of the matter is no one has that kind of understanding of a gambling situation or the person on the other side wouldn't be making the bet against you. >> but peter, ina drew is reported to have been the kind of person who instituted these practices to protect themselves, to hedge. christine romans this morning was making a distinction between hedging and betting and the hedging is because you've got some interest in the underlying thing that you're making a trade on, and the betting is that you're just betting on the direction of something you don't have anything to do with. >> when you hedge, you are making a bet. look who was on the other side of the trade, hedge fund managers who essentially do bet. my bottom line is they have dressed this up to look like something that it is not. jamie dimon is running a casino in this aspect of the bank. that's fine, because actually you can serve some useful purposes in the economy that we can't get into with the time that we hav

you did say, "ina caro is quiet and calm and wise." but the last line -- "i don't what i'm going to do without her help"... >> guest: yes. well, now she's writing her own book. c-span: what's that on? >> guest: it's a guide, a travel history of france through the eyes of a historian, so each time you go to a castle or a chateau, you're not just looking at a building, you know all the things that happened there in history. wonderful story. c-span: you write about her, let's see if i can find it, in pursuing, "she crisscrossed the united states, spending weeks, for example, going through papers of former senator richard russell"? >> guest: yeah. c-span: in a library in athens, georgia, those of willis robertson, who is the father of pat robertson, in a library in williamsburg, virginia, and those of presidents roosevelt and truman in hyde park and independence, missouri. why all those libraries, and what did you find there that you hadn't already? >> guest: oh, well you can never do just a work of history, just from the one source. now,

did the answers stop with ina drew? or people further up the food chain should they have been asking more questions? on the one hand the loss is small in the context of jpmorgan's overall earnings and balance sheet. but it raises all these unsettling questions about the compliance with new regulations like the volcker rule and about how a trading strategy could go so badly wrong. >> do you feel that the right people are taking the fall? or is it just too easy to take at this stage? it feels like there are going to be a lot of people effected by this shakeup and wonder if some are scapegoats because someone has to be seen to go. >> right. it goes back to the unanswered questions of what this trade was. if it was a hedge gone wrong and the information about how it was going wrong stopped with ina drew, maybe plausible you could argue the right heads have rolled. if it was more of a proprietary trade, this london office generated a quarter of jpmorgan's profits in 2010, then there are a lot more unsettling questions. and y

ina drew who over saw the trades causing the loss today retired. a 30-year veteran well liked by colleagues and a quiet mentor to women, she tried to resign several times before the loss was made public, says a senior jpmorgan official. >> wall street only remembers your last trade. unfortunately, it uz waa big one and on the wrong side. >> dimon called drew a great partner. adding despite our losses,ina's fast criptions to the countrytient be overshadowed. >> on "meet the press" dimon admitted the trade was a terrib terrible, egregious trade. >> it's a stupid thing that we should have never done, but we're still going to earn a lot of money this quarter. >> dimon's reputation is. the spokesman now tarnished too. >> we need a system where we have a tough cop on the beat, notion would be able to steal your purse on main street or your pension on wall street. >> democrat elizabeth warren, running for the u.s. senate in massachusetts, worked creative consumer watch dog groups to ov oversee the bank after the crisis. she said what happened shows there'

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the family called them ika and ina. and their futures pit honor professional who's changed their live autos what do you want to be when you grow snup. >> she wants to be a doctor. and ina, a nurse. >> and laughter comes easy now that anything is possible. >> from that wonderful to story to research saying number of u.s. babies found with signs of opiate drug withdrawal tripled in the last decade, from fwhun a thousand to three in a thousand in 2009 that. is about 13,000 newborns. researchers blame it on the number of pregnant women using drugs and critics say the numbers are being overblown and this is a first national study on this problem. >> a state lawmaker from peninsula wants to improve oversight of the high speed rail project so controversial. there is legislation requiring rail authority board members and consultants to disclose whether they have financial conflicts of interest. this is after the "los angeles times" revealed a transportation expert worked previously for the company. and ridership numbers have be

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jamie dimon disclosed the retirement of longtime executive ina drew. she oversaw a london-based unit that lost at least $2 billion in trades and bets tied to corporate bonds and credit. the case has reignited the debate over financial regulation, and the bank itself has lost nearly 13% of its stock value in two days. margaret warner has more on the story. >> warner: ina drew is the most prominent executive to leave j.p. morgan over the losses so far. but other departures are expected, and questions are mounting about the bank. for more, i'm joined by dawn kopecki. she covers j.p. morgan and banking for bloomberg news. she joins us from tampa, where the j.p. morgan annual shareholder meeting kicks off tomorrow. dawn, thanks for joining us. explain a little more for us, ina drew, how central a role she played in all of this. and are our departures expected? >> she didn't necessarily have a central role in conducting the trades or the positions that the bank had, that lost all the money. but she was the person that oversaw this office. the office in londo

a new exec is named to fill the seat of ina drew. shown the door is her unit lost $2 billion. president obama's spokesman saying a short time ago that loss is a reminder of controls installed after the 2008 financial crisis are necessary. jay carney also saying wall street lobbiests are trying to gut those projections. the stock on jpmorgan is down by another almost 2% on the trading session down better than 13% for the week. here's mary thompson. >> well, as expected some high profile departures following the bank's disclosure of a $2 billion trading loss that could reach over $3 billion. sunday on nbc's "meet the press," jamie dimon calling the loss a mistake. >> we did lose $2 billion in trading. in hindsight we took far too much risk. the strategy we had was badly vetted, badly monitored, it should never have happened. >> on the losing side of the trade, ina drew, one of the most powerful women on wall street, she's retiring stepping down from her role as chief investment officer. she ran the unit responsible for the loss. also leaving, two high ranking london based execut

ina drew has announced her resignation and more executives could follow.lexis christoforous has more from wall street. >> reporter: jpmorgan chase says its chief investment officer is retiring after a trading mistake that cost the bank $2 billion. the trades originated out of the company's british offices. ina drew oversaw that group. two other executives are reportedly on their way out. now there are calls for c.e.o. jamie dimon to be held accountable. >> i'd like to see jamie dimon, for example, resign from his position as a class a director of the new york federal reserve bank. >> reporter: that position allows dimon to have an input on regulations impacting the financial industry. many lawmakers are using jpmorgan chase's trading mistakes to push for tougher rules for banks to avoid a repeat of the financial crisis of three years ago. >> the banks cannot regulate themselves. they are financial institutions that run the risk of taking down everyone's job, run the risk of taking down everyone's pension, run the risk of taking down the entire economy. >>

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>> reporter: the first casualty of the bank's $2 billion blunder was its chief investment officer, ina drew, a 30-year veteran of j.p. morgan chase and one of the highest ranking women on wall street resigned this morning. drew oversaw the division responsible for the $2 billion loss. the bank stock tumbled another 3% today and c.e.o. jamie dimon has been rushing to do damage control. >> in hindsight we took far too much risk, the strategy we had was badly vetted, it was badly monitored, it should never have happened. >> reporter: but the bad trades are still active and the bank is still racking up losses, which could reach another billion dollars or more says michael greenberger, an expert on the derivatives and former federal regulator. >> it's almost as if you bet the new york yankees are going to win the world series and now that you see they're in the last place in the american league east you want to get out of the bet. the person you bet with is not going to let you out and that's the position they're in. >> reporter: at the same time, dimon is also doing damage control on his o

morgan chase out after bank revealed $2 billion loss company announced ina drew will retire ina drew instead huge losses for the company more than 30 years at j.p. morgan one of the highest ranking women in wall street 2010 it made more than $50 million to a supported that's expected to resign. pretty great seven day forecast >> i want to mention tomorrow sox weather day coming to take 51015 at the gates are open presentation starts 1030 and 1115, ahead of detroit chicago game tomorrow. talking about the weather amazing video chance to me to south paul will be there a lot of fun and lee and a sunday until late in the day went thunderstorms develop. with the terms of northeast late tomorrow and wednesday big blow out to west turning to the south warming up later in the week. high temperatures tomorrow mid '80s are around chicago. 12 day forecast above 80 degrees and dropping down to the '60s cooler at the lakefront with north east went on wednesday the war to build and to the west temperatures 90 degrees north dakota on thursday still in the @@'70s just waiting to get into chicago. bu

let's talk about ina drew. lot of people are going to be familiar with that name because ina one of the most powerful women on wall street. >> she was but reportedly kept a very low profile. she's about a three decade veteran of jpmorganchase and the banks preceded it and of course the combination and product i should say of a couple of acquisitions and actually -- some support that was issued from her from a couple of the former bosses and in the report in the "new york times" today. she ran the chief investment office which was the unit responsible for the trading losses at jpmorgan. trading losses a company still expected to make money in this quarter. and this is the type of, i guess you could say, retirement. she is retiring. that's what the bank said. this is the kind of departure expected and it is likely that more heads will roll, to use that term, at jpmorganchase. they continue to unwind the trade and get to the root of the problem. you should expect to see a few more people leave the bank. >> there s

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ina drew the chief financial officer retired. and there are reports that others are on the way out. >> there are questions about whether jp morgan face. the stock is lower for the second straight day. >> jp morgan is the second largest bank in the nation. and some say better monitoring is needed. >> reporter: the banks cannot regulate themselves. they are financial institutions that run the risk of taking down everyone's job. run the risk of taking down everyone's pension. run the risk of taking down the entire economy. >> reporter: ceo jamie diamond will likely face tough questions about the bank's policies when he faces shareholders at the company's annual meetings tuesday. alexis christoforous, wjz eyewitness news. >> ix ina drew worked at chase for more than three decades and was one of the highest on wall street. >>> a live look outside right now. we get much needed rain off and on throughout the day. and humidity is making it feel a little sticky. wjz is live with first warning coverage. meteorologist bernadette woods and b

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but we are expecting three executives overall. >> isn't ina drew one of the top female executives onreet. >> yeah, with that kind of salary, most definitely. she really is. she is in her 50s and she is so well regarded just like jamie diamond. >> graduates of the class of 2012 first arrived on college campus in september of 2008, the same month that was lehman brothers collapse so now they are getting ready to leave. what kind of job market are they potentially facing here? >> some people are saying it is looking a little bit better because they came in at the height of the financial crisis and they saw the fallout from lehman and they've been working so hard for the past four years. they've gotten internships, career fairs, all of these resources have been at their disposal because centrally, they've been spooked to enter into the work force. might not be too bad plus the job market is improving. the class ever 2012 with the dubious distinction of being the entering class of tweet might be okay. >> i'm guessing the lessons in class even changed as a result of all of this. thank you

known as ica and ina, the girls struggled to walk.ent a ten-hour separation surgery at lucille pack card children's hospital. now the girls are thriving. and for the first time running. >> my first reaction, i'm so very happy and i'm very thankful to god. because i see them now playing like other normal baby, kids, like that. and when i saw them running and jumping, oh, i'm so -- i'm so happy for them. >> reporter: doctors say the girls' recovery is progressing well. >> this is what we live for. we want it to be inapparent that they've been through what they've been through. >> reporter: since the surgery the twins have been more outgoing. enjoyed separate play dates. and embraced big dreams. >> you just ask them who will be the next "american idol" and they will say, me, i will be the next "american idol." and they will say their name. and they will sing and dance. >> reporter: the girls may not fit together the same way. but they're not complaining. because now if ina wants to sleep, ica has the freedom to keep on playing. >> the tw

that's already in ina's pocket and she's never going to let it go.ho cares what happened to jp morgan. she already got paid. that's the way it goes. let's me give you a sense of the ridiculous scale of the investigation of the mortgage fraud run by companies like jp morgan. back in the day during the savings and loan scandal there were 1,000 federal investigators. during one company enron scandal 100 investigators. now, 55 investigators, in other words, we don't want to know. we're not really investigating these people who are our friends. president bush was defending jamie dimon. wrong again, bob. he didn't do a very good job but you think president obama might have learned those lessons? apparently not. he said this, jp morgan is one of the best managed banks there is. jamie dimon, the head of it, is one of the smartest bankers we got and they still lost $2 million and counting. we don't know the details. it's going to be investigated you but this is why we passed wall street reform. we're going to bring in david allison, pull lester prize columnne

chief investment officer ina drew is retiring after 30 years with the bank. drew was considered to be the most powerful woman on wall street i.j.. >> morgan is the largest bank in the it is trying to minute my the damage after losing -- two billion dollars in six weeks because of risk trades. despite that also the ceo jamie dimon says the company remains strong. he's facing stockholders tomorrow. >>> pg&e's president and ceo says he's 100% committed to legal settlements with the most seriously injured victims of the 2010 san bruno pipeline tragedy. pg&e held a news conference today prior to its annual shareholders meeting. president and ceo says the company has three priorities, positioning the company for long term success. rebuilding relationships with customers, regulators and political leaders. and resolving its legal and regulatory proceeding as associated with the san bruno tragedy. >> we are totally committed to resolving those proceeding as soon as we can. those victims -- deserve to be compensated. we've taken the unprecedented event in front of a ju

ina drew headed the bank's investment strategy division. her employees botched trades on derivative financial products in an effort to hedge against risk. drew was regardedad one of the top female sxut executives on wall street. jpmorgan chase has not disclosed details of the trades that led to drew's resignation. but analysts suspect her group made the wrong bets on credit default swaps in london and other markets. those swap deals are used as an insurance against possible defaults on debt insured instruments. >>> the job situation in looking better for japan's college graduates with more of them finding employment this year than last year. the labor ministry surveyed over 4,700 people who graduated this past march. results show that as of april 1st, 93.6% had landed jobs. the ratio is up 2.6 percentage points from last year when the figure marked a record low. the labor ministry says despite the improvement, some 25,000 students are estimated to have graduated from college without job offers this year. meanwhile, the employment rate among

but ina drew had done it. and had been successful at it for 30 years. >> reporter: president obama says the loss will be investigated. calling jpmorgan one of the best-managed banks and dimon one of the smartest bankers, mr. obama on an episode of "the view" to be aired today argues the loss makes the case for wall street reform. >> you can have a bank that isn't as strong, isn't as profitable, making those same bets, and we might have had to step in. >> reporter: other critics are more scathing. >> for me this is about accountability. rr9 elizabeth warren, the democratic candidate for the u.s. senate in massachusetts, wants dimon to step down from the board of the new york federal reserve bank. >> no one should be able to steal your purse on main street, or your pension on wall street. >> reporter: warren helped create the confumer watchdog group to oversee banks after the financial crisis of 2008. she says there is still not enough oversight of big banks. >> we all have to wonder, what's happening at the oth

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. >> ina drew, chief investment officer at jpmorgan chase, stepped down.s departure comes after her unit mismanaged a portfolio designed to hedge against risks k takes with its own money. the mistake cost the bank more than $2 billion over a six-week period. drew spent more than 30 years at jpmorgan chase and was one of the bank's highest paid executives pulling in more than $15 million in each of the last two years. according to news reports, drew repeatedly offered to resign in recent weeks after the magnitude of the mess became clear, but her resignation was not immediately accepted because of her past performance at the bank. drew was considered by some market participants as one of the best managers of balance sheet risks until the loss was disclosed late thursday. jpmorgan's ceo jamie dimon admitted his bank made a major blunder in a thursday night conference call last week. the disclosure of the massive loss sent shares tumbling friday wiping out $15 billion in stock value in just one day. dimon says the bank's losses could reach $4 billion or more

. >> reporter: jp morgan today forced the retirement of investment chief ina drew.eo jamie dimon was contrite sunday on "meet the press." >> in hindsight we took far too much risk. >> reporter: dimon opposed some tighter regulation but was known as cautious. is the rest of wall street taking too many chances again? >> jp morgan was supposedly the gold standard in terms of looking at risk and controlling risk. there are a lot of other entities out there that could very well have that type of risk. >> reporter: some republicans asking, if banks insured by taxpayers ought to bet billions. >> i think it's very questionable whether the bank should be able to engage in this type of activity. >> reporter: experts say there is no question. >> if we have to separate these kind of high risk activities from the commercial side of banking, we cannot spread the federal safety net over to high risk trading. >> reporter: all eyes on wall street's gamblers. four years after the crash. adding to the feeling of dejavu the senate will now hold hearings on jp morgan chase to see if big

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also today, ina drew, the chief investment officer, at j.p. morgan chase has resigned t was her job to manage a port foot yoel designed to -- portfolio designed to hedge against risks. she was one of the highest- ranking women on wall street. >>> and shakeups continue on wall street with the resignation of best buy's founder. in just seven minute, the reason behind why he quit and why investigators say he acted inappropriate. >>> we are learning more information about an officer- involved shooting in napa overnight. police say the suspect who was shot is being treated right now in a local hospital. tara moriarty joins us live from napa with an update on his condition and what prompted the shooting. >> reporter: we've just spoken to the sheriff's department and they've could be confirmed -- confirmed that the officer has been with napa pd for one and a half years. and we've obtained surveillance video here that could perhaps shed light on what happened. this footage shows a man in a hoody and baggy pants talking on his cell phone outside the 7/

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and ina, a nurse. >> reporter: the laughter comes easy, now that anything is possible.to, karina rusk, abc 7 news. >> nice story. >> really nice. >>> that's what's making news in america this morning. >> stay with us for

be flown inas to bee that huge cost or taken over land by longer routes.akistan wants a policy. -- wants an apology. they want 10 times the other price. there may be a revolution -- resolution in sight, but it is a symbol of other problems. >> if we cannot resolve this, i do not know how we will develop a peace process. everybody believes this is essential to stability and success in afghanistan. >> i do not want to paper over real challenges. there is no doubt there have been tensions between isaf and pakistan, the united states and pakistan. >> progress may not be free of blood shed. the warm and not really end. only the fighting will be done by afghan forces. they want to assure them that when they stand up, they will not stand alone. >> we're making an enduring commitment to the long-term future of afghanistan. the message to the afghan people is we will not desert them. the message to the insurgency is equally clear. you cannot win on the battlefield. he should stop fighting and start talking. >> the summit is intended to mark a milestone. the journey

narrator: dan and ina plopeanu don't feel obligated to help preserve french language and culture. thoughr to a private english kindergarten next year. doina: we will do an effort. i don't know how, but i'm determined to do this effort, because i think it's e beer thi for him to... to go in ansh school. misprouncing ): "turkey is traditionally the favote itemhim on the thanksgiving menu." teacher ( correcting ): good-- "the favorite item on the thanksgiving menu." narrator: in spite of the laws, the attraction of english remains, both for tan a foofuec'immigran. narrator: ason cartwright explains, this attraction will always be a reality for the quécois. cartwright: they are always going to be in contact with the english language. it's always going to be penetrating into quebec through television, through radio, through magazines, and as a result, they simply cannot give up the vigilance that they take for the protection of the language and the culture. narrator: in 1995, french identity politics came to a head with theon quebec vereignty. would quebec break away and form its own country?

officials may not be ina r inamored with his innovation. he may have the last laugh, he plans to move offcampus in a week. >> after he has a massive party, with the disco ball and the lights that turn on and off. >> electrical engineering degree to work. thanks for watching us today. >> we'll see you tomorrow. [ birds chirping ] [ inhales, exhales ] [ announcer ] cigarettes are not just dangerous when they're smoked. [ rat squeaking ] they're dangerous long after. cigarette butts are toxic. they release chemicals that poison our water... and harm wildlife. and millions... are polluting our environment. [ sniffing ] [ seagulls squawking ] is there a prize in there? oh, there's a prize, all right. is it a robot? no. is it a jet plane? nope. is it a dinosaur?] [ male announcer ] inside every box of heart healthy cheerios are those great tasting little o's made from carefully selected oats that c help lower cholesterol. stickers? uh-uh. a superhero? ♪ kinda. [ male announcer ] and we think that's the best prize of all. ♪ featurin

and ina, a nurse. >> reporter: the laughter comes easy, now that anything is possible.to, rusk, abc 7 news. >> nice story. >> really nice. >>> that's what's making news in america this morning. >> stay with us for "good morning america." thanks so much for watching, everybody. and have a great tuesday.

chief investment officer ina drew is retiring after 30 years with the bank. drew was considered to be the most powerful woman on wall street i.j.. >> morgan is the largest bank in the it is trying to minute my the damage after losing -- two billion dollars in six weeks because of risk trades. despite that also the ceo jamie dimon says the company remains strong. he's facing stockholders tomorrow. >>> pg&e's president and ceo says he's 100% committed to legal settlements with the most seriously injured victims of the 2010 san bruno pipeline tragedy. pg&e held a news conference today prior to its annual shareholders meeting. president and ceo says the company has three priorities, positioning the company for long term success. rebuilding relationships with customers, regulators and political leaders. and resolving its legal and regulatory proceeding as associated with the san bruno tragedy. >> we are totally committed to resolving those proceeding as soon as we can. those victims -- deserve to be compensated. we've taken the unprecedented event in front of a ju

ina drew had been with the company since 2005. two other top executives are also expected to step down after one of the company's trading groups lost, yes, $2 billion in just a couple of weeks. now this loss failed a hedging strategy. the company ceo jamie dimon shrugged off mounting concerns last month that something was terribly wrong with a $100 billion hedge investment. now he says it was a terrible mistake that will tarnish his firm's reputation. the bank is now putting together a team of senior executives to investigate the huge losses. >> we made a terrible, egregious mistake that there is almost no excuse for. we took far too much risk. the strategy we had was barely v vetted, barely monitored. it never should have happened. >> reporter: drew will be succeeded by matthew zane as part of the company's global fixed income group. the blunder has been quite costly for jpmorgan stock that fell 9% in friday trading. barbara? >> thank you so much, melissa. >>> a change in leadership at yahoo! this morning, but not for reasons man

and i've convinced ina she should give back some of the money. have given up my salary when i felt -- in my previous role, i've given up what i was paid that i had a right to because i thought i let people down. it was something that people said, at least he's got a conscience. a guy with a conscience says, i have to give some of this money back. it's not a bad thing. you're real rich, guys. you're real rich. >> you can't do that every time you make a bad trade. >> how about if you tell people it was a good trade -- i think it was the arrogance. >> the arrogance of saying it wasn't a big deal? >> yeah. it's one thing to some on tv and say, i made a big mistake. but i made a big mistake, i was paid a lot of money, i didn't do my job, i'm writing a check back to the treasury in order to give the shareholders a break. >> that's going to happen. >> you think? >> no, never. >> that was sarcasm. >> i got fabered. >> how much should be given up? would it be the amount to cover the losses at the end of the day that sk that jpmorgan will bear as a result