During a visit with ABC’s “The View” yesterday, Whoopi Goldberg asked President Obama to talk about JPMorgan Chase’s recent trading losses, and how we can tackle risky dealings on Wall Street. The President said:

This is why we passed Wall Street reform. The whole point was that even if you’re smart, you can make mistakes. And since these banks are insured, backed up by taxpayers, we don’t want you taking risks where eventually we might end up having to bail you out again. Because we’ve done that, been there, didn’t like it … That’s exactly why Wall Street reform is so important.

Catch other highlights from the President’s interview with “The View” at ABC.com—then find out more about President Obama's record on Wall Street reform.