1. UH-OH

    Dimon: Traders Didn't Grasp Risk

    NEW YORK, NY - MAY 07:  Chairman and CEO, JPMorgan Chase & Co, James "Jamie" Dimon speaks during An Evening With the Fortune 500 at the New York Stock Exchange on May 7, 2012 in New York City.  (Photo by Jemal Countess/Getty Images for Time)

    Jemal Countess / Getty Images for Time

    JPMorgan Chase CEO Jamie Dimon is scheduled to testify before Congress on Wednesday to explain how his bank lost more than $2 billion earlier this year. Dimon's prepared testimony revealed that he believes the traders involved didn't understand the risks they were taking with the transactions made and that the risk limits they set weren't appropriate for the given portfolio. Dimon will also tell Congress that JPMorgan has made progress in reducing risk for the future. “We have let a lot of people down,” Dimon’s prepared remarks read. “And we are sorry for it.”

    Read it at The Wall Street Journal