Business, Economics and Jobs

Obama weighs in on JPMorgan's $2B loss


US President Barack Obama



President Barack Obama said Monday that JPMorgan Chase's $2 billion trading loss is another example of why the US needs a stronger banking regulation.

Appearing on ABC's "The View," Obama noted JPMorgan "one of the best managed banks there is" still lost "$2 billion and counting," and warned "that's why Wall Street reform is so important."

JP Morgan Chase, the nation’s largest bank, first reported the problem Thursday, which has prompted an SEC investigation.

CBS News reported White House spokesman Jay Carney told reporters the massive losses show why "[i]t's so important that we resist the efforts of Republicans and Wall Street lobbyists" to water down the 2010 rewrite of the rules of Wall Street."

More from GlobalPost: Ina Drew, JPMorgan CIO, to retire over $2.3 billion trading losses

Commenting on the aggressive efforts by Washington lobbyists to resist regulatory reform, Carney said "It is amazing, given the events we've seen the last few days that there are still those who are out there arguing... we should let Wall Street write its own rules again."

As the Los Angeles Times pointed out the Dodd-Frank financial reform law is one of Obama's major accomplishments. On Monday, the White House joined other supporters of the legislation and pointed a finger at Republicans who want to weaken the law.

The President made it clear he differs from presumptive GOP nominee Mitt Romney on the issue of Wall Street reform.