Ken Langone Defends JP Morgan and Jamie Dimon

Home Depot (NYSE: HD) co-founder, Ken Langone, appeared on CNBC's Squawk Box. Langone was defending JP Morgan (NYSE: JPM) and its CEO, Jamie Dimon by saying that:

-Jamie Dimon an incredible human being and good at managing risk.

-Every bank that gives out loans puts its capital at risk.

-Said the loss came from hedging, not from prop trading.

-Langone also noted that he own a lot of JP Morgan shares and was trying to hire Jamie Dimon to run Home Depot.

-However, he admitted that Paul Volcker has a much deeper understanding on the issue, when it comes to bank regulation.

JPMorgan Chase is trading at $36.74 up $0.50 or 1.38% pre-market.