JPMorgan Chase CEO Jamie Dimon has been called President Obama's favorite banker and the Wall Street guy who got it right during the financial crisis.
But Wednesday, Dimon is expected to become Washington's latest Wall Street whipping boy. He has been summoned to the first of two congressional hearings this month to explain how the bank lost at least $2 billion dollars last month.
Dimon, a fast-talking banker who loves boxing, first called the losses "a tempest in a teapot," only to admit later that they were "egregious mistakes."
- Wall Street Journal: JPMorgan Chase Knew Of Risks
- Bloomberg: House Of Dimon Marred By CEO Complacency Over Unit's Risk
- Gretchen Morgenson, New York Times Wall Street columnist
This segment aired on June 12, 2012.