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for the nuts and bolts on this fias fiasco, it's the impact on the markets and your own investments. alison kosik joins us now. just what was this massive trading bet all about? before it went south? >> reporter: fredricka, what jpmorgan essentially did was made a big game am. they made risky bets and lost. the bets they made were to protect against possible losses on jpmorgan's other investments, but clearly they backfired and the bets produced losses of their own. how did this come out? it came out in a surprise conference call that ceo jamie diamond called for lamon called. shares...

good evening, everyone. i'm erin burnett. "outfront" tonight, warning signs ignored. the fallout swept around the world today from america's biggest banks, multibillion dollar loss on risky trades. in washington, senator carl levin held a conference call with reporters about jpmorgan's shocking trading losses which 0 could be up to $3 billion and the credit rating agency fitch slapped jp morgue win a drowngrade citing reputational risk. stocks plunged taking other banks down. the boss, america's most well-known banker was taken by surprise. here's jamie dimon one month ago responding...

pistol from his waistband and shot himself in the head and was later pronounced dead at a local hospital. other agents moved in to rescue kyliyah and alexandria who were lying on the ground nearby. the girls were hungry, thirsty, and dehydrated. the head of the biggest bank in the country is admitting to a trading mistake that cost jpmorgan chase $2 billion and counting. jamie dimond made the surprise announcement during a conference call yesterday. he said the loss was a case of, quote, bad judgment. >> we've more work to do, but it's obvious at this point that there were many err...

listen, give me a sense of your reaction this morning after hearing president obama's announcement. >> well, i'm still elated and filled with emotion, what president obama did yesterday was so courageous because, as you know, other past presidents and vice presidents have come out in favor of marriage equality for gay people, but president obama did it while he's still in office and while there's still -- some might consider a risk to his future presidency, re-election but it was incredibly fantastic for 14 and 15-year-old kids to hear the president of the united states say to them t...

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