JPMorgan Chase CEO Jamie Dimon says his bank reacted badly to warning flags last month that it had losing trades in complex financial derivatives.<br/> <br />On Thursday Dimon announced that the bank had lost $2 billion or more mishandling a portfolio of derivatives.<br/> <br />In an interview with NBC's Meet The Press, Dimon says bank executives got it wrong when they were challenged over the trades in media reports.<br/> <br />. (SOUNDBITE) (English) JPMORGAN CHASE AND CO CEO JAMIE DIMON SAYING :<br/> <br />"If you look back from today, there were other red flags. That particular red flag, you know, we made a mistake. We got very defensive. And people started justifying everything we did. And, you know, the better thing in life is to say, "Maybe you made a mistake, let's-- let's dig deep. And the<br/> <br />mistake had been brewing for awhile. So it wasn't just any one thing."<br/> <br />He says it was a mistake but will not take down the bank.<br/> <br />. (SOUNDBITE) (English) JPMORGAN CHASE AND CO CEO JAMIE DIMON SAYING :<br/> <br />"This is not a risk, which is life threatening to J.P. Morgan. This is a stupid thing that is-- you know, that we should never have done, but we're still gonna earn a lot of money this quarter. So it isn't like the company's jeopardized. We-- you know, we hurt ourselves and our credibility, yes. And that we-- we gotta fully expect and pay the price for that.<br/> <br />JPMorgan emerged from the financial crisis that began in late 2008 with the best reputation among big U.S. banks for identifying risk and for staying away from the pitfalls.<br/> <br />The revelation of the trading loss is already unleashing calls in Washington to get tougher on big banks.<br/> <br />Deborah Lutterbeck, Reuters
