Treasury Secretary Timothy Geithner spoke about the European debt crisis and JPMorgan's trading losses during a conversation with NBC News correspondent Andrea Mitchell at the Council on Foreign Relations.
The euro zone crisis will be at the heart of the upcoming G20 summit in Cabo San Lucas, Mexico. Geithner says it’s in the interest for these countries to stay together and their leaders have expressed this. Geithner added, they’ve also committed to doing what’s necessary to keep the EU in-tact. Europe solving is debt issues is also in the interest of the U.S., Geithner said.
In responding to JPMorgan’s more than $2b in trading losses, Geithner believes the company was public, direct and crisp in acknowledging the scale of the error and took action to put fixes in place to prevent future incidents.