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me maybe ♪ ♪ hey, i just met you >> wow. well, there's a surprising fact about the artist, carly ray jepson. outfront, next. i'm erin burnett. welcome to "outfront." outfront tonight, jamie dime on opens his kimono. the ceo of jpmorgan chase gave us all quite a mental image when he testified in front of the senate banking committee in washington about whether the largest bank in the united states has been open about its multi billion dollar trade losses. >> we generally are open kimono with the regulators and tell them what they want to know. >> open kimono. sure, that sure sex...

And i wonder if there were other things that came into play under duress. >> and to what extent do you think, pablo, do you think he didn't say anything to the higher ups? >> yeah. look at the incentive system in sports. coaches are to keep things in-house. to snitch on a coach for a major offense or lesser offense would be equivalent to being black balled. obviously he want d to be on the sidelines and to be a coach. >> kevin, weigh in. >> i'm sorry. i can't give mcquery a pass on this. he witnessed a crime. we've all read the disgusting details in the report. he should have and could have do...

To the bauottom of. >> what you are saying, the incentive system, the system set up in terms of how you can make the most money is a system in which it's more profitable to kick people out of their homes and foreclose on them than to figure out a way to modify the loan and -- >> that's the essence of it. it's cheaper to foreclose than to service the note if they made a bad deal. >> you have also been working on some insurance issues and delaware is a state in which all of us have written a credit card payment to the state of delaware at some point, and it's home to many of the same financial i...

Wrong, which their own documents show that that decision they made to bet against the mortgage market at the same time they were continuing to underwrite mortgage-backed securities, that's a message he doesn't seem to be able to get. senator levin tried as he might and couldn't convey it to him either. >> yet in the public courts it seems as though the fact that these guys make so much money is their great saving and that when we have a discussion like this, when you publish your book, people say we're whining, we're jealous, we're in effect jealous of the amount of money they make. why has th...

Traders told me. >> explain to me, this is the structure of the business now. let's put aside the sins of the past, has anything changed after this as we go forward? >> you're pitching me a softball on this one. you know how i feel about this. even though there's 2,300 pages of dodd/frank law now, nothing has changed. until you change the incentive system on wall street, you're not going to change people's behaviors. >> how do you change the system? >> having them have skin in the game again. we've talked about this before. they do not have any skin in the game. they are accountability-free. t...