jamie diamond jamie diamond in turn wants a handout from the federal reserve and the e.c. big so they all go each other's hand in each other's pockets it's just that the american peasant ends up getting the least in that video a lot of the people are dressed as robin hood and you know the propaganda is that robin hood was taking from the rich and giving to the poor not the truth which was that he was taking from the corrupt who had stolen from the people and given back to the people and they you know again they're playing right into their own myths of propaganda that somehow these protesters are protesting about the financial fraud the financial crimes the financial fast that they are the ones seeking redistribution of wealth from these hard earned money from the likes of timothy geitner and jamie diamond lloyd blankfein addicts old and john chorus line that these guys deserve their wealth you know the american president wants redistribution of fraud not redistribution of wealth because there is no wealth there's only fraud the dollar is fraudulent the banking system is fraudulent and the wall street titans are fraudulent and the american president wants to their cut of the fraud has trickled down from. they don't want to be just they don't want to be in any way productive they just want some of that money that's being stolen from the top they want some of that fraud that's their ambition in life to get some of the fraudulent dough well max the other thing so here is you know obama talking about reform then there are the bankers talking about reform then there are the congresspeople talking about reform then there are the protesters talking about reform as if it's not a criminal act it's just a little tweaking that has to go on and a little bit of sharing of the ill gotten gain

jamie diamond stacy herbert tell me more max you are of course speaking of that which jamie diamond said pundits such as you and i would have a field day with which is why we're coming to you from a field including with sound effects like the birds that's not a sound effect daisy ever valued actual bird but well of course we're talking about it doesn't get any better than this suicide banker jamie diamond self inflicts a whopper j.p. morgan chase announced a surprise two billion dollars trading loss and credit derivatives trading with the chief executive jamie dimon blamed on quote errors sloppiness and bad judgment and warned could get worse stuff we're going to get worse they say because the blood is in the water people understanding that this is the limit of our day of this year the enron of this year they have got tens of trillions of dollars worth of liabilities on their balance sheet they they try to pass that off on the fed's

diamond was a smart guy. do you think he'll survive is my question? >> jamie diamond or president obama? [ laughter ] >> bill: jamie diamond. i'm pretty sure obama will survive. >> i think -- look, i think if i were betting, i would bet on jamie diamond and i would also probably hedge it a little bit. but i think, you know, he's a smart guy. he's wiley intel. j.p.'s performance has been good until now. they did very well in the crisis. so i has a lot of fans. he has friends in the administration. the question is will his own shareholders feel this is too much of a problem for them and i don't see the evidence yet that it is. >> bill: he pushed a couple of people overboard yesterday right. and maybe people will be satisfied with their heads rolling and not his head rolling. hey, jim, did you a great job helping us understand this morning. and where it all might lead. appreciate your time. jim tankersley, economic correspondent for the "national journal." thanks jim. >> my pleasure. >> bill: talk to you again soon. we have a lot more calls and want to talk about this jpmorgan chase or the obama campaign going right head-on aga

jamie diamond. back to the big. well speaking of jamie diamond max this is before the may day protests wall street tracks whorls as may first protests lou so here's an article that presents bankers jamie dimon lloyd blankfein all these other big banks here as the elks and the protesters are wolves ok yeah banks have a history of coordinating security with city authorities at a two thousand and nine u.s. senate hearing police commissioner raymond kelly described a partnership with financial district firms that gives his department access to hundreds of private security cameras footage is monitored in a downtown manhattan center he said a two thousand and five letter kelley wrote to edward force then chief administrative officer at goldman sachs shows it was among firms getting space in the facility so all these banks are recording the protesters they have access to this footage of who is that exactly protesting so it will be interesting in light of all of this these new laws coming in and the lack of any sort of justice. facial recognition software as well if you from now on forever will be excluded from this banking system for example you can be taken off the grid. they just push the

jamie diamond the satisfy his conserves well known on this jamie diamond character because he like all other bankers on wall street having worked there myself and he exemplifies this idea that he will do what he wants to do and if he breaks the law well the problem is that the law needs to be changed at run it comes a battle two or basil three they're saying well you know these requirements reserve requirements we don't really think they're consistent with what we think the law should be so we're going to do whatever we want to do and you can pass a law if you want to but we don't we don't have to answer to anyone's law i mean that's a very bad example isn't it chris whalen well it's not just banks so if you think about it the stock corporation is the problem today big corporations are not accountable to their shareholders and they basically do whatever management wants but we don't have shareholder democracy in this country we still have an indirect kind of democracy much like our political system so big companies tend to be antithetical towards openness they tend to be ethical towards democratic processes because big corporations are fascist by definition and so when you get into this whole area of regulation you know jamie dimon is caught between his investors on the one hand who still aren't valuing j.p. morgan sufficiently so that the stock is trading above book value and then on the other hand you have the regulatory communities and so we need more capital when people like sheila bair say this to me it's a dog crystal you agree with us we need more capital i say no we have to stop doing . stupid things but the problem is that if we had a more sane financial market banks like j.p. morgan wouldn't be that profitable jamie dimon has to take a lot more risk than we really want him to in order to hit those earnings targets for wall street so he's kind of caught in the middle and you have to understand that dynamic because he lives in terror that the buy side is going to move out of his stock and into bay constrain it half a book value jamie dimon and loses his job so those are the interconnects here it's not all just about public policy it's about the big institutional investors who own j.p. morgan stock

when jamie diamond a confidante of barack obama not too long ago? >> jamie diamondis one of most respected figures in the banking -- >> still, still? this is a problem of governance? guy in london was responsible! 92 if you let me finish -- it's never an excuse to say you didn't know what was going on. so he is going to have to recover from this. i imagine this is quite a blow it his ego and to his sense of company he was running. >> let's make clear the bank is safe because it had $19 billion in earnings, right? >> no. there was about $340 billion worth of securities sitting inside this unit. so two billion actually was not that big. the real question people should be asking is, was the bank like j.p. morgan chase that big, doing at the moment, they are too big -- >> exit question -- i'm going to give it to you and goes around. exit question, will president obama be able to capitalize politically on diamond's $2 billion plunder. >> not at all. >> yes, it makes the case for regulations and romney -- undercuts romney's call that we're overregulating the banks. >> ric

jamie is more likely to take thit and move on. that's what he's doing with this announcement. >> here's a quote from jamie diamond on the conference call this is classic jamie diamond. he says just because we're stupid doesn't mean everyone else was. really admitting that it was a self-inflicted trading mistake. trades were poorly monitored and they're poorly executed. it was j.p. morgan alone. >> i disagree with that. i think it's endemocratic of the system. what happened on wall street is we survived the strom. people are back to doing what they were doing. what's astonishing to me is it comes out this far down. not that i'm a risk portfolio manager, but that is just incredible to me. although doc makes a good point, to me the bigger issue is how does it come out this late in the game. >> it doesn't matter if anyone else took risks or did anything else, it's still going to trade with the overall sector. it doesn't matter what anyone else did, the point is thatment p. morgan is going to bring the whole entire space down. >> it's the fear of the unknown. >> there is a known here. the volker rule is a credible known factor. and that's why it's on the tape. that's wh

the stock has fallen after jamie diamond admitted it $2 billion trading loss in a unit designed to manage risk ... jamie diamond a federal ban on banks making such bets ... a report on consumer confidence helped stocks to turn around just a small bit stocks are up slightly for the day ... we may be paying less for food and gas inflation numbers for april show the biggest drop in fuel prices since october and wholesale food prices rose just a little bit ... the banks are keeping the interest rates low for the time being ... things in greece are not looking good right now ... the greek government is believed to be running out of cash by july if it does not achieve international support ... they must form an administration with the government ... this follows an inconclusive election last weekend that election gave rise to parties that oppose the terms of the national bailout ... foxconn the factory in china that produces apple products will be producing the apple television sets ... the company is preparing but development and manufacturing has not yet begun ... the news is on official ... it will feature the per

jamie diamond admits j.p. morgan just blew $2,000,000,000 thank you, jamie diamond for making the indicates why we need government regulation. we will get into that and a whole lot more here on today's full-court press. but first, we get the latest out in los angeles with today's current tv news update jacki schechner. hi, jacki. >> good morning, bill. good morning, everyone. we we are turning our attention now to jobs and the disney as mitt romney wanted to shift the focus away from gay marriage and over to that, the obama campaign is releasing a new ad today that is hitting mitt romney hard on his economic history. >> the two minute spot is set to air in five battleground states starting today iowa virginia colorado and ohio. it's online now so you can see it if you are not in one of those five states. it features former employees of gst steel in kansas city who lost jobs health insurance at the hands of mitt romney's bain capital. >> they made as much money as they could. they filed for bankruptcy without any concern for the families of the communities. >> it's like a vampire. they came in and sucked the life out of us. >> there is a new website called romneyeconomics.com that will features other companies companies acquired by mitt romney and partners and how they ran those partners into debt and liquidated them for shareholder profit. there is a six-minute version of the ad online as bill has been discussing this morning, we are keeping you up to date on j.p. morgan, we expect to see the resignation of ceo. jamieis communication calling the bank's dpafrba shaffer sloppy and stupid. join uso in chat. we will see you in a moment. we're the idea nobody wants to hear. until the truth reveals itself. and there's only one place you'll find us. ♪ broadcasting across the nation, on your radio and on current tv, this is the bill press show. >> j.p. morgan chase blows $2,000,000,000 of their customers' money. who says we don't need wall street regulation? good morning, everybody. it is monday may 14th. coming to you live from our nation's capitol, here we are, the full court press on this beautiful monday morning the bill press show. i am bill press, liberal and proud of it. good to have you with us today as we tackle the nation's props around the country and around the globe and, of course, we take your calls, give you a chance to sound off on the issues of the day by calling us on our toll-free line. president obama giving the commencement address at barnard college today. congress in town trying to d

jamie diamond will likely face tough questions about the bank's policies when he faces shareholders at the company's annual meeting tuesday. alexis christophorous, cbs news wall the free. >> some have called for jamie diamond to leave his post at the federal reserve bank in new york which allows him to have some say on financial policies. >>> the founder of best buy, richard schultz, stepping down as chairman, this after an investigation found he knew that the ceo was having a relationship with a female employee but did not alert the proper people about it. in march best buy hired an outside law firm to investigate then ceo brian dunn who resigned himself in april. the committee found dunn had a relationship with a female employee that showed poor judgment. >>> today marked the first day of a special legislative session to try and settle on a budget for the state of maryland. >> reporter: i'm scott broom in annapolis where the legislature is back to try to decide whether the raise taxes on some of us or impose the so- called doomsday budget cuts. >> no way doomsday! >> we're here as part of 100 organizations who have said that the doomsday budget is unacceptable. >> reporter: it's that or sock high income

jamie diamond from throwing the country under the bus how couples the fed well i think the fed and all of the regulators are very culpable because they've been putting jamie diamond on a pedestal. he was the one that supposedly came out better than everybody else out of the crisis and they've been letting him just run wild i think that there's not been any deep look at j.p. morgan and the deep look at jamiedimon unfortunately the shareholders didn't hold him accountable either at the annual meeting this week they revoked it to allow him to hold the c.e.o. and the chairman spot which i think is just utterly ridiculous there's got to be a bigger bigger checks and balances in the board of directors is the first stop the auditors is the second stop and the regulators certainly should be looking at what they're doing with the subsidized money that the fed is providing via basically zero interest rates right well we know america suffers collectively from stockholm syndrome and they fall in love with their captor the terrorist jamie diamond now let's go over to goldman sachs for a second because internal documents this is a story that matt taibbi has blown wide open over there rolling stone the lawyers for goldman somehow let into the public domain documents that show that goldman was engaged in naked short selling and just for the audience out there. maybe just briefly your thoughts on how tha

jamie diamond's face. we know that we look under the microscope of a tape worm comes out of my strange thing of somebody's house or somewhere into i know and there's jamie diamond space picking up for most of my tape or i'm a parasite to be more money because i'm a greedy i was born to greedy peacher disagree my parents are greedy no good mix i live for the stealing of your money i'm ok i'm a pathological psychological tyrant i still. i steal therefore i. tape were donated and then max you mentioned stealing from simon johnson we have from one thousand nine hundred three to one nine hundred eighty five the financial sector never earned more than sixteen percent of domestic corporate profits in one thousand nine hundred six that figure reached nineteen percent and then i know it also lead to between twenty one and thirty percent higher than it had ever been in the post-war period this decade it reached forty one percent so they're getting more and more of the profits they're shaking down all the corporations not just us but the corporations as well they're shaking down everybody and taking more of the profit oh yeah that's a tape worm of their business model of stealing and larceny and turning a healthy economy into a cancer spread throughout the a corporate world general electric for example most of their money comes from jamie's tapeworm program so jeff. i like jamie tapeworms so i dictate more. and this it goes on and on and on some of these corporations are basically mimicking because there's a lot of jamie diamond can print this money without having to answer to any laws whatsoever why shouldn't gen x. or why shouldn't exxon why should these companies apple computer do the exact same thing of mill is going to enforce the law what incentive is there for any of these corporations to abate a law there is no one because there's no justice department there's no leadership well that's a very good analogy to the tape worm because the tape worm lives inside you and you don't feel sick you don't feel ill nothing seems bad on the surface but underneath they're actually taking all the nutrients that you require to actually build over the long term to to live over the long term so with these tapes we're like the day we die when as you so eloquently demonstrate. you know the economy is becoming sicker and sicker and si

diamond. back to the big. well speaking of jamie diamond max this is before the may day protests wall street tracks whorls as may first protests lou so here's an article that presents bankers jamie dimon lloyd blankfein all these other big banks here as the elks and the protesters are wolves ok yeah banks have a history of coordinating security with city authorities at a two thousand and nine u.s. senate hearing police commissioner raymond kelly described a partnership with financial district firms that gives his department access to hundreds of private security cameras footage is monitored in a downtown manhattan center he said a two thousand and five letter kelley wrote to edward force then chief administrative officer at goldman sachs shows it was among firms getting space in the facility so all these banks are recording the protesters they have access to this footage of who is that exactly protesting so it will be interesting in light of all of this these new laws coming in and the lack of any sort of justice. facial recognition software as well if you from now on forever will be excluded from this banking system for example you can be taken off the grid. they just pushed a button and it was off the grid. cases along the way and america's foreign policy in the countries around the world has to go with mercenaries they don't have a standing army they have mercenaries they just hire these guys to do their killing for them now they've got the blowback the so jamie diamond and lloyd blankfein have to hire the cops the cops on the street here in new york the blue boys there mercenaries they they work for the banks and this is developing into a nasty bit of situations well max you mentioned that they the banks are paying the police and this is brought up here in this article starting in two thousand and ten j.p. morgan gave the new york city police foundation the largest donation in the group's history the bank's website shows the gift valued at four point six million dollars included one thousand patrol car laptops jamie diamon chief executive officer of j.p. morgan said these officers put their lives on the line every day to keep us safe that's the truth he is speaking the truth jamie diamond finally spoke the truth max that's right they only protect the bankers they have no care in the world for anybody else and they forgot to include the ten thousand doesn't doenitz. well it also made me think of the fact that here is a group j.p. morgan giving four p

jamie diamond is known for being a straight shooter and he's embarrassed tonight. the bottom line from him, quote, this trading violates the diamond principle. but jamie diamond usually refers to jpmorgan's balance sheet as a fortress so how could this happen? are america's banks still running wild? john avlon joins us, robert reich and james bianco. great to have all of you with us. are you surprised? >> i am surprised because jamie diamond and jpmorgan chase have made such an issue out of the fact that they say we don't need more bank regulation. they have dragged their feet, they have criticized the fed and others publicly for trying to regulate derivatives. they have said that we don't want to invoke a rule, we certainly don't want to resurrect anything close to the glass-stegel act. in other words, jpmorgan chase and its head, jamie diamond, have said we are purer than pure, we don't need regulation. and then comes this. >> and jim bichltanco, this too lot of people by surprise. you have an emergency conference call and your stock falls 6%. i mean this is not good. >> no, it's not good. it was somewhat out of the blue in that, yeah, we knew that these banks were taking big risks but there wasn't any real big move in the credit markets, in the corporate bond markets where they say they have the losses. more disturbing than that is the positions that they have are so large, they can't get rid of most of it so t

jamie diamond will likely face tough questions about the bank's policies when he faces shareholders at the company's annual meeting tuesday. >> reporter: alexis christoforous, wjz eyewitness news. >> some lawmakers have also called for jamie diamond to leave his post as a director of the new york federal reserve. it's a position that allows him to have a say on financial policies. >>> it is not jp morgan, but the european financial situation that dragged down the markets today. the dow was off 125. s&p down 15. nasdaq off 31. >>> well, the sun from this weekend is long gone. outside right now, it's cloudy. there is light rain falling in some areas. meteorologist bernadette woods is here with the updated numbers from first warning weather. >> hello. >> it was a beautiful weekend. >> it really was. it was a lot of sunshine. saturday was just one of those top 10 days out there. clouds started to come in late yesterday. then even rain and thunderstorms in western parts of the state. all of that has overspread the entire state now. we're not only seeing rain now. but eventually thunderstorms out of this. here is the overall storm. it's a big one, it's a slow mover. it's going to continue for the next two days around here. we're going

jamie diamond will likely face tough questions about the bank's policies when he faces shareholders at the company's annual meeting tuesday. >> reporter: alexis christoforous, wjz eyewitness news. >> and some lawmakers have also called for jamie diamond to leave his post at the new york federal reserve. it is a post that allows him to have a financial say. and it is the european financial situation that dragged down today. dow dragged down 125 points. s&p off 15. and the nasdaq sank 31 points. >>> warm weather to begin our workweek outside. it's humid and damp, with rain showers. and the possibility for thunderstorms. meteorologist bernadette woods and bob turk are updating our conditions. let's start with bob. >>> take a look at radar. shower activity around. and a couple of areas of thunder and lightning, just west of town. there you see it. around finksburg, around westminster. and that continues to move up in that general, northeasterly direction. most of it will just pass west of the city. the way it's shaping up now. east of the areas bring little rain. west of us, that's where the bulk of this rain is, with some areas picking up decent rainfall amounts. bernadette will have that in minutes. take a look at temperatures around t

jamie diamond. >> 100% right. they can look all they want, but they should focus their attention on jon corzine and found out what he did, and if he used customer accounts. that is criminal. jamie diamondt -- it's not customer money? >> no. >> gretchen: why did he come out and make it more clear this is not taxpayer money, et cetera? >> he needs to do that. what he did was initially he found out about the loss. he went right to "meet the press" and said we have this loss and because he did that, the loss probably went to $3 billion. they probably weren't out of the trade. when you tell the world you have a big bad trade on, they're the first to jump in and make sure it's even worse. they capitalize on it at their expense but at least he came out. the system worked. we don't need anymore. the firewall was separating the bank's assets seth from the customers. >> brian: today, regulation, they're going to use this and try to jam more regulation through. >> absolutely. there is president obama reason to do more. -- there is no reason to do more. dodd frank bill that they were trying to push through and get implemented is going to add more and more regulation on top of that. it's not going

jamie diamond. >> ca-ching. >> and the president that just got fired or squeezed out $15 million. in charge of risk. >> i'm sure they worked a lot of hours. anyway, j.p. morgan c.e.o. and chairman jamie diamond won't be laughing today. he's getting ready to face tough questions from the shareholders at the annual meeting in florida. adam live for us from tampa. hey, adam. >> good morning. >> what's going to happen there today? >> mr. diamond is going to have to explain to his shareholders what went wrong. you've heard him use language like an egregious mistake. he said this was a self-inflicted wound but there's a lot of oether issues on the table. not only the $2 billion loss in their hedging strategy but the fact that some shareholders want to split his role as chairman and c.e.o. they want to split that to you two separate roles and there's the discussion of the compensation package. you guys were joking about that but there's going to be a nonbinding vote. does jamieompensation he's owed? what about ina drew, the woman that resigned the other day because of the $2 billion loss. could they possibly claw back some of her compensation in the form of stock and cash. all that is on the table and all that will be discussed but the big issue is how did you lose $2 billion? what's happened to our stock value? we've lost almost $18 billion in value since the disclosure of the loss. that's everything they'll be talking about and how do you go forward? most financial analysts say this bank is in no trouble at all. pointing out they're going to make $18 billion this year and they're going to make $22 billion next year. this $2 billion loss is no big deal in his words. back to you. >> thanks very much for that update. we'll keep our eyes down there in florida to see what happened. >> should he be c.e.o. and chairman? that's another thing. do you divide up those jobs? >> sure. let's take a look at the other stories making headlines on this tuesday morning. a st