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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...

congressman peter king in new york is chairman of the homeland security committee. he's been briefed on the plot and joins us on the phone. what are the latest you can tell us? >> i got briefed by secretary napolitano and john brennan. basically it's a nonmetallic deaf vits, intended to be put on an american-bound airline. it never made to it the airline. it's right now as you said being tested and analyzed by the fbi. obviously a concern would be that being unmetallic as to whether or not this could evade security in our airport. that's a real concern. also, this is an ongoing opera...

everyone, it's 10:00 here on the east coast. they have foiled a terrorist plot to blow up an airliner, they're not saying where, oar when it happened. here's what we know, according to the fbi an improvised explosive device was seized and fbi officials are investigating it. it's a nonmetallic explosive similar to the one the underwear bomber used in his failed attempt in 2009. similar but not the same. the plot has the hallmarks of al qaeda in the arabian peninsula. and president obama was briefed about the threat in april. chairman of the homeland security committee has been detaild...

briefed on the details and joins us on the phone. >> i've just discussed this. it's a nonmetallic device that was intended to be put on an american bound airline. it never made it to the airline, it's right now, as you said, being tested and analyzed by the fbi. a concern would be that being nonmetallic as to whether or not this would affect the security in our airports. this is an ongoing operation. this particular part of it occurred about -- sometime last month. sometime in april. it's not over as far as the operation itself, which is why you're seeing very few details being given...

we are joined by congressman king on the phone. what's the latest you can tell us? >> we spoke with napolitano. a nonmetallic device that was intended to be put on a american-bound airline. it never made it to the airline. it's being tested and analyzed by this fbi. obviously a concern would be that being nonmetallic as to whether or not this could evade security in our airports. that's a really concern. also, this is an ongoing operation. this particular part of it occurred about some time last month. some time in april. but it's not over as far as the operation itself which is why ...