Well, first, I want to say, to a certain extent, he's right. He's a good CEO and it is a well-run bank. That's precisely why we need regulation. In other words, what he's telling us is, even in a very well-run institution, as his is, unlike a kind of a rogue operation like Countrywide, these kind of mistakes will happen.
Frank responds to Jamie Dimon's explanation of the bank's losses, emphasizing the need for regulation even in well-run institutions.
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