j.p. morgan c.e.o. jamie dimon will be testifying about his bank's huge trading loss. also, a look at housing: the housing market may be slumping, but home renovations are surging. find out what's behind the boom in home improvement. >> tom: dutch bank i.n.g. will pay a record $619 million fine to settle a sanctions evasion case. the bank admits they secretly moved billions of dollars through the u.s. banking system on behalf of cuba and iranian customers. the fund transfers are a violation of u.s. sanctions against both countries. the treasury department adds the bank deliberately deleted information about thousands of transactions. and while the treasury department is getting that big i.n.g. penalty payment, that's a fraction of the almost $16 trillion national debt. today, todd buccholz stopped by our new york studio and shared his idea for tackling the country's debt. he's the author of "rush: why you need and love the rat race." >> america has been the land of the game show since groucho marx dangled a toy duck in front of the faces of contestants. whether we're w

j.p. morgan c.e.o. jamie dimon might say to lawmakers when he's questioned about morgan's multi-billion dollar trading loss. >> susie: we'll see you then. that's nightly business report for monday, june 11. >> tom: good night susie and everyone, we'll see you online at: www.nbr.com and back here tomorrow night. "nightly business report" is brought to you by: captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org >> join us anytime at nbr.com. there, you'll find full episodes of the program, complete show transcripts and all the market stats. also follows us on our facebook page at bizrpt. and on twitter @bizrpt.

j.p. morgan c.e.o. jamie dimon is back on capitol hill, this time, testifying at the house financial services committee about his bank's huge trading loss. there's been a change in thinking about the reverse mortgage market. what was once rife with fraud is now becoming a tool that many retirees are using to make ends meet. karen gibbs, founder of the gibbs perspective, has a quick tutorial on the basics of reverse mortgages. >> are you considering a reverse mortgage which allows you to tap the equity in your primary residence? if so, you'll need to do your homework. to be eligible, you must be at lease 62 years old, own your home outright or have a low mortgage balance that can be paid off at closing. the mortgage amount is based on your age, interest rates and the value of your home. you can receive the funds through a line of credit, a monthly payment, or a lump sum. you'll never owe more than the house is worth, no matter how high interest rates go or how many payments you've received. the mortgage is due in fu

j.p. morgan c.e.o. jamie dimon testimony on the hill today let's just say that this thing went so bad that you had members of congress asking the banking executive for his opinion on regulations and then was a panel with michael hastings and david serota looking at the leaking scandal that's engulfed the white house this week happens to be forty years since the watergate scandal began with the break in so we can compare the reactions then and now we'll have all of that and more for you tonight including a dose of happy hour but first let's take a look what the mainstream media decided to miss. i'm going to try and keep this sweet and short today let's just say that there is a lot going on in the news and so the mainstream media is all over.

j.p. morgan c.e.o. jamie dimon had on the hill and this time he was in the house so was there a difference in how he was treated and our two different chambers and then moody's announces they've downgraded fifteen of the world's largest banks that includes bank of america citi group and morgan stanley and that again who doesn't love a deadline time prime minister mario monti has said that there is just one week to . save the eurozone so armageddon here we come. joining me is lauren lyster host of the capital count here on our t.v. lauren i want to start the banks want to start this downgrade fifteen of the world's largest banks how big of a deal is it really considering that a lot of this was expected right if anything some of the banks probably did better in their stocks because the downgrade wasn't as bad as they thought it was going to be that's right so i would say to put this in the context of your intro this is perhaps the furthest away from armageddon of the things that you mention because when it comes down

j.p. morgan c.e.o. jamie dimon testifying on the hill about sort of the big scandal that happened there i want to just play really quick what he said you know the breakdown of living wills. this resolution authority which stores to put the structure in place in the living will is to me what it means is doing giving information to regular they know how to do it they need to know what happens to this legal entity with them is that legal entity what do you do with this thing happens and we've actually filed recently a analysis and report how do you go about dismantling a j.p. morgan the didn't cause the taxpayer. all right so garrett i mean it seems to me that especially when we talk about some of these huge corporations these biggest banks in this country that it seems like a good thing to have sort of an outline of the inner workings of it what do you think about all this well on paper it sounds great right but the question is will any of these living wills be used the next time a crisis comes around it's worth reme

j.p. morgan c.e.o. jamie dimon took responsibility for the bank's big losses and said some senior >> ts portfolio morphed into something that, rather than otecthe rm, created new and potentially larger risks. as a result, we have let a lot of people down, and we are sorry for it. >> woodruff: and gwen ifill examines the continuing risks to the financial system and the road ahead for regulatory reform. >> brown: we assess causes and effects after one of the nation's oldest dailies-- one that survived hurricane katrina -- lays off half its newsroom staff. >> woodruff: and we talk with author michael lewis, whose thought provoking words to graduates of the class of 2012 created a buzz online. >> you are the lucky few. lucky in your parents, lucky in your country, lucky that you live in the richest society the world has ever seen, in a time when no one actually expects you to sacrifice your interests to anything. >> woodruff: that's all ahead on tonight's "newshour." major funding for the pbs newshour has been provided

j.p. morgan chase c.e.o. jamie dimon called the law too complicated. markets, he said have self- corrected following after the financial crisis. >> a lot of what caused the problem don't exist anymore. and that wasn't because of regulations, it was because of markets. >> reporter: bair disagrees. >> well, gee, i hardly know where to start. the government is guaranteeing so much right now. the insured deposits have exploded. we're guaranteeing almost all of the mortgage market now. there is so much government backstop now and of course we have the hangover from the bailouts themselves. so saying you have the market correcting when you have all of this government support is not something i would agree with. >> reporter: and bair points out j.p. morgan chase was using money from government-insured deposits to place those risky trades on credit default swaps. losses on those trades could cost the bank up to $5 billion. >> with all this government support, i am not sure that we have the market discipline that we need to contain risk. and so i think there is

j.p. morgan chase c.e.o. jamie dimon faced off with the senate banking committee today where he was grilled over his bank's three billion dollars in losses earlier this year but diamond didn't get most of the heat from the senators many of whom have received generous campaign donations from diamond's bank instead he got heat from average americans who showed up at the at the hearing to speak their minds even before the hearing started protestors shouted down diamon asking him to face the people he's foreclosed on and to stop the foreclosures now tragically we can no longer rely on our bought out members of congress to hold the banks toure's accountable anymore instead we the people have to do it and one of the best ways to do it is to move your money out of wall street banks like j.p. morgan chase and into local credit unions so let's get moving. just. it's the good the bad of the very very agatha. goldwater jerkily ugly good workers add all of their own t.p. . elevate their own was reasons second largest newspaper found

j.p. morgan chase c.e.o. jamie dimon went up to the hill for a second day of of our elected officials say may i kiss your butt sir please in this case it was the house financial services committee the day before he was the son of republican chairman spencer baucus who calls j.p. morgan his second largest donor in his political career refused to even ask mr diamond to use to testify under oath so that he could be held for perjury should the day come. and then after this after this incredible. you know almost french kissing session the republicans voted to slash funding for wall street regulators of the commodity futures. trading commission the it is the f.t.c. . why do republicans want the banks to crash our economy it's so it sounds so if you're going to say slash the budget slat a budget of these they cut one hundred twenty million dollars out of president obama's request i mean they're basically going to prevent them from hiring the regulators to enforce dodd frank so so what would be better would it be better to have

j.p. morgan chase c.e.o. jamie dimon to testify on his bank's massive three billion dollar loss last month rather than asking tough questions about how something like this could happen just how reliable our banking system is and whether or not this proves the new financial regulations are needed most senators on the committee decided it was a great venue to kiss diamonds ring there are a few examples you're obviously renowned rightfully so i think is me one of the most you know one of the best c.e.o.'s in the country for financial institution jim is this it's a blip on the radar screen i really appreciate you voluntarily coming in to talk with us it is important we talk about things happening in the industry it'll and i think it does help us and as we look forward and hopefully it'll contribute to best practice scenario in the industry and i appreciate your input on a continuous quality improvement it's comforting to know that even with a two million dollars two billion dollar loss in a trade last year your company still

j.p. morgan chase when they made billions in ween twine and 2010 under jamie dimon who has been a very good c.e.o. >>neil: amazing. thank you very much. forget j.p. morgan chase $2 billion problem, is it sitting on $4 translate -- $4 trillion that could impact all of us. but this information is something that charles gasparino knows. joining us now with the details. what is this about? >>guest: well, we have j.p. morgan chase on our mind. it is strictly confidential proprietary report posed byup j.p. last year that said this, and here is the rub, they did not release it publicly. this will an story going forward, why depth they release it. they are saying states and cities, the beg ones, have way, washington undercounted their unfunded liabilities to fund the massive public pension funds. this is just not talked about. they are talking about this being underfunded by four or five times. the unfunded liability is something like $4 trillion. >>neil: wait, wait, charlie. so i can understand this, you are saying that the obligations of states for the public pensions exceed their ability to pay by clo

j.p. morgan chase bank c.e.o. jamie dimonhe capitol hill. >> how do you come forward and say the regulators should have known what one of best c.e.o.'s in the industry did not know. >> if you made the small and medium size business loans you would not has beener. all you are in favor of exempting these trades from any regulations. the transparency is part of the thing you would be exempted from, no legal requirement for transparency other than that, and i am disappointed. >> if this impacted your shareholders why do you continue to take that position? >> so, not an easy day for jamie dimon, and democratic congressman from massachusetts among lawmakers asking the tough questions, and, congressman, when all is said and done, the firm had $2 billion bad trade and someone made money on the other end. you guys are overseeing $1 trillion spending mess. who is the bigger criminal? >> i don't think there is a criminal involved in. i don't know about anyone else i am interested in whether this particular situation has anything we can

c.e.o. of j.p. morgan chase jamie dimon is testifying on capitol hill so distraction from what's going on in europe from the retail data that's come in in the united states which is worse than expected and therefore we're seeing the dow jones and barely making it to those details for you this hour at the close of the european markets this is the picture we're seeing the fourth year in the dark so flat and mixed at the same time basically concerns about its allee's bond auction crucial for thursday and also bond yields have been going up above six percent back again and that's basically a bad sign investors are seeing it's only as the next one in line or very. on the currency markets we're seeing the euro gaining massively against the dollar as of dollars being ditched by investors following this bad retail data in the states meanwhile the ruble managed to gain around half a percent against. and on the russian market scituate is came back after a long weekend we'll look at and says they can first of all the oil prices actually help the russian market at the close they were better than but right now

want a friend you don't have to buy a dog you can buy yourself a senator case in point jamie dimon c.e.o. of j.p. morgan chase yesterday he was called to testify before the senate banking committee in the clip you're about to see brilliantly compiled by t.p.m. you'll see and hear how one of our nation's most notorious banks toure's was treated by some of his friends why are they his friends well republican jim de mint has raised over twenty two million dollars in recent years and according to open secrets dot org is third largest donor is securities and investment industry the bankers republican david vitter raised over eleven million dollars in open secret securities investments is his fifth largest industry donor publican roger weicker as or wicker has raised over nine million dollars in security investment seventh largest donor republican jerry moran has hauled in almost ten million dollars and commercial banks ranked number five according to open secrets dot org for him and the top contributor to republican senator craig though this election cycle jamie dimon is j.p. morgan chase he's on the banking