governor romney and the republican party s position is to repeal dodd-frank, which is financial reform. in light of the losses on wall street this week, you think we need less financial regulation rather than more? i think we need less. the fact of the matter is dodd-frank didn t work. the reality is we ve got about five to ten banks in this country that on our gdp, those five to ten banks assets make up a huge majority of this country s gdp. that s an issue. i do agree with too big to fail mentality is a problem, but i don t think dodd-frank fixed anything. i think they made things worse. so you re satisfied with the way wall street operates, with the kinds of bets that were taken by jpmorgan chase that led to this loss. you don t think regulation can remedy it? dodd-frank didn t remedy it. carl levin says the volcker rule, which would govern how
to do anything on simpson/bowles. i think if you travel around, and you should ask people yourselves, this huge regulatory push, i m not talking about in financial, just in general, the lack of fiscal certainty, tax certainty. i think those things have hurt the ability to grow. we ve been growing, but i think it would be faster if we had gotten some of those basic things right. you supported president obama. you re a democrat, still? i would call myself a barely democrat, at this point. and i didn t support anyone last time around. i m a new york fed board, i m not allowed to. but i a democrat, yes. so what happened? why barely a democrat now? i ve gotten disturbed at some of the democrats anti-business behavior, the sentiment, the attacks on work ethic and successful people. and i think it s very counterproductive. so it doesn t mean i don t have their values. i want jobs. i want a more equitable society. i don t mind paying higher taxes. i don t mind lifting up our i do th
financial reform. in light of the losses on wall street this week, you think we need less financial regulation rather than more? i think we need less. the fact of the matter is dodd-frank didn t work. the reality is we ve got about five to ten banks in this country that on our gdp, those five to ten banks assets make up a huge majority of this country s gdp. that s an issue. i do agree with too big to fail mentality is a problem, but i don t think dodd-frank fixed anything. i think they made things worse. so you re satisfied with the way wall street operates, with the kinds of bets that were taken by jpmorgan chase that led to this loss. you don t think regulation can remedy it? dodd-frank didn t remedy it. carl levin says the volcker rule, which would govern how they use their money to make these kinds of trades to hedge their bets, it would address that.
very powerful figure on wall street and beyond. often outspoken, no stranger to washington. he made the announcement about that loss on thursday afternoon, and after the markets closed on friday, he sat down with me in new york. a few weeks ago, you dismissed all of this as a, quote, tempest in a teapot. you ve changed your view about this. how much worse will this get? first of all, i was dead wrong when i said that. i obviously didn t know, because i never would have said that. and one of the reasons it became public because we wanted to say, you know what, we told you something that was completely wrong a mere four weeks and we took a $2 billion loss and we made it clear it could get worse before it could get better. it could be volatile by $1 billion, possibly. i do want to put it in perspective. the company is going to earn a lot of money this quarter. so it s a very strong company. we made a terrible, egregious mistake, and almost no excuse for it. so how did this happen? the
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