Presumptive Republican presidential candidate Mitt Romney on Wednesday defended a shocking $3 billion loss on derivatives by JPMorgan Chase & Co. by saying it was just “the way America works.”
“I would not rush to pass new legislation or new regulation,” Romney said during a Wednesday interview with Hot Air blogger Ed Morrissey. “This is, in the normal course of business, a large loss but certainly not one which is crippling or threatening to the institution.”
“This was not a loss to the taxpayers of America; this was a loss to shareholders and owners of JPMorgan and that’s the way America works,” the former Bain Capital executive explained. “The $2 billion JPMorgan lost, someone else gained.”
Watch this video from MSNBC’s The Ed Show, broadcast May 17, 2012.