JP Morgan Chase CEO Jamie Dimon, wearing a dark suit possibly made of sackcloth, didn't hold back when discussing the derivative trades that led to massive losses for his company.
"We made a stupid error," he said before a lunchtime audience at the Council on Foreign Relations in Washington on Wednesday. "We screwed up."
Then he got more specific: "I should have caught it ... I didn't."
The company estimates it lost $5.8 billion, thanks to a London-based trader, nicknamed the "London whale," who took large, risky positions in credit derivatives.