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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 could be up to $3 billion and the credit rating agency fitch slapped jp morgan with 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 to investor questions about bad trades and his risk management unit. >> it's is a com...

son. tonight, she comes outfront. 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 could be up to $3 billion and the credit rating agency fitch slapped jp morgan with 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 j...

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...

They didn't reveal that surprise until page 9. the trapeze from the old business to the new. from dvd's in this case to online streaming. that dvd's are fading. they still have higher profit margins though than the internet business. 50% versus 8% for that online stuff. that is because the company's quadrupled spending in only three years to get all this online stuff. the company now comes out and says, mea culpa. they said what we misjudged how quickly to move there from that trapeze and they said we compounded the problem with our lack of explanation about the rising costs, expansion of stre...