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Michigan Senator says JPMorgan Chase incident proves need for regulation


NEW YORK (WKZO) -- The World’s biggest bank , JPMorgan Chase has lost two billion dollars due to a trading blunder, and its expected to cost Ina Drew, one of the most powerful women on Wall Street, and two of her traders their jobs.

CEO Jamie Dimon says the situation is still volatile and they could lose another billion before the dust clears. He admits it was too risky, unsupervised and ill-ad

Michigan Senator Carl Levin says bankers should not be making these deals, and that’s why they need tougher regulations.

Levin says unregulated bankers taking huge risks with their customer’s money is what caused the great recession.

Both men appeared Sunday on NBC’s Meet the Press.