JP Morgan Chase, one of the banks taxpayers bailed out four years ago, is preparing to accept three resignations this week after losing two billion in risky bets gone bad.
The company's CEO Jamie Dimon says he admits they missed red flags.
"We made a terrible, egregious mistake and there's almost no excuse for it," Dimon said on NBC Meet the Press. "We took far too much risk. The strategy we had was badly vetted, it was badly monitored, it should never have happened."
This week, JP Morgan Chase's chief investment officer, Ina Drew, one of the highest ranking women on Wall Street, is expected to step down along with two people who worked under her.
Dimon says the company is open to government scrutiny, but is Washington's watchdog on the job? And what happens when regulators aren't on the lookout for these risky investments?
"Who gets left holding the bag if that happens?" said Andrew Ross Sorkin, a columnist for CNBC and the New York Times. "The taxpayers. That's what this is all about."
Democrats want to make sure the law they put in place to crack down on Wall Street is being enforced.
"If we can prevent these kind of bets from being made, we can avoid ever again having to bail out banks," said Senator Carl Levin, (D) Michigan.
Republicans have long argued, the law is too strict.
"You have so much government regulation coming in that you can't see the forest for the trees," said Rep. Marsha Blackburn, (R) Tennessee.
The company's mistake shines a new light on the effort to keep banks accountable for how they're managing your money. JP Morgan's credit was downgraded, and the company lost 15 billion in value on the stock market after this loss was announced.
