yet this morning, who is to blame for the jpmorgan chase banking fiasco? think the $2 billion loss of jpmorgan chase won't effect you, think again. stocks tanked on the news. jpmorgan chase's jamie dimon is a credible voice in the banking industry. in 2008, dimon didn't want to take t.a.r.p. money and his bank weathered the crash better than most. they spent tens of millions of dollars lobbying congress in part against the dodd-frank financial reform bill. now dimon says he didn't know about the $2 billion losing trade and that's a red flag according to sheila bair. >> this is still a very serious issue. i think it does underscore that even with good management, these institutions are just too big to manage. and especially when they deal with complex derivative instruments trying to hedge risk in very large securities trading books. even the best of managers can stumble. >> what should or can we do if banks are too big to fail. on "the view," president obama mentioned jpmorgan chase as a cautionary trail. >> this is why we passed wall street reform. this i

jpmorgan chase to their agenda. >> last night on "the rachel maddow show," elizabeth warren told rachel, in her view, the jpmorgan chase fiasco shows there's still no real government control over risky practices at big banks. >> the problem now is that jpmorgan has had to admit that, wow, it really did take on a whole lot of risk and that it really got bitten by that risk. but it still wants to hold off any form of regulation. so that's what it leaves us with. it leaves us in a situation where, what we know for sure, is there is no regulator really looking over the shoulder of these big financial institutions. there's no cop on the beat to say, wait a minute, you can't take those kinds of risks, especially if you plan to leave the american taxpayer holding the bag. that's just the world we live in right now. the banks are still in charge of their own risk practices, and that's dangerous for all of us. >> weeknights at 9:00 eastern, "the rachel maddow show" on msnbc. >>> well, people are talking about the issue of same-sex marriage particularly since president obama's announcement that he now supports it. a "new york times"/cbs news poll found 67% of those surveyed thought the president made that decision

serious questions whether this country's biggest banks learned any lessons from the fiasco that brought the country to its knees five years ago. jpmorgan chase made a shocking confession, lost a whopping $2 billion over the past six weeks. $2 billion. the massive loss stems from the very risky bets the same kind that cratered the economy in 2007. how did the banks learn anything? investors seem to ask the same question today as shares of jpmorgan chase fell 9%. dow tanked when the opens opened, rebounded but closed down 35 points. the debacle by jp morguen is so bad that the ceo held an after hours conference call with reporters and industry analysts. listen. >> we've had teams from audit, legal, risk and various control functions all from corporate involved in an extensive review of what happened. we have more work to do, but it is obvious at this point that there are many errors, sloppiness and bad judgment. >> ceo jamie dimon admitting errors, sloppiness and bad judgment. a confession from him, keeping him honest, dimon downplayed concerns calling the buzz about potential losses a tempest in a teapot. quite a big teapot right there. we wa