May 14th, 2012
08:42 PM ET
Washington (CNN)-Less than a week after President Barack Obama made history by endorsing same-sex marriage, the president would not commit to fighting to have the Defense of Marriage Act, commonly known as DOMA, be repealed. In an interview on ABC's "The View" Mr. Obama reiterated his administration's decision to stop defending the law in the courts. "My justice department has said to the courts we don’t think the defense of marriage act is constitutional this is something that historically had been determined at the state level, and part of my believing ultimately that civil unions weren’t sufficient." But pressed further if he would fight to repeal DOMA, Mr. Obama would only say, "Congress is clearly on notice that I think it’s a bad idea."
And in the wake of the stunning news that JP Morgan Chase lost $2 billion dollars in risky derivatives trading, Mr. Obama called the bank's CEO one of the nation's smartest bankers but also pressed the need for Wall Street reform.
"First of all JP Morgan is one of the best managed banks there is. Jamie Dimon the head of it is one of the best banker’s we’ve got and they still lost two billion dollars and counting precisely because they were making bets in these derivative markets." he said.
"This is why we passed Wall Street reform. This is the best or one of the best managed banks. You can have a bank that isn’t as strong isn’t as profitable and we might have had to step in and that’s exactly why Wall Street reform is so important."