JPMorgan CEO: ‘Dead Wrong’ About Trading Concerns [VIDEO]

The CEO of JPMorgan Chase says the bank's $2 billion trading blunder has damaged the bank and its credibility.

Jamie Dimon played down the concerns last month as a "tempest in a teapot," but last week the bank disclosed $2 billion in trading losses

Dimon tells NBC's "Meet the Press" that he was "dead wrong" when he dismissed concerns about the bank's trading and now expects to pay a price beyond the $2 billion in losses.

Sen. Carl Levin predicts banks will lose the fight against new financial rules preventing the type of trading that led to JPMorgan's massive loss.

Dimon says he supports giving the government the authority to "take down" a failing big bank, but adds that JPMorgan remains "very strong." He says the bank is working with regulators to give the government that power as regulatory rules are written.

Visit msnbc.com for breaking news, world news, and news about the economy

(Copyright 2012 by The Associated Press.  All Rights Reserved.)