Fed Born of Morgan's Bailout Scrutinized After Dimon's Loss

After John Pierpont Morgan stepped in to quell the panic of 1907, U.S. lawmakers created the Federal Reserve in 1913 as a lender of last resort to defend against future financial crises.

Almost a century later, the disclosure of a $2 billion trading loss by the man who now heads the Morgan banking empire, Jamie Dimon, has prompted calls to end an arrangement that Vermont Senator Bernie Sanders calls "a clear example of the fox guarding the hen house."