Starting Point live blog for Monday, May 14th, 2012

Consumer advocate Elizabeth Warren has called for JPMorgan Chase's Dimon to step down from NY Federal Reserve board. She'll explain on "Starting Point" at 8amET.

This morning, "Starting Point" is live at 7am Eastern. Today, Brooke Baldwin sits in for Soledad and will talk with our panelists, CNN contributor Will Cain, "The New Yorker" Washington Correspondent Ryan Lizza and political commentator Abby Huntsman. Our panel will be talking about the following top stories:

* Homeland Security Committee chairman Rep. Peter King (R-NY) is demanding an apology from members of Congress who singled out the NYPD amongst allegations of racial profiling. He'll explain live at 7:15am Eastern this morning.
* J.P. Morgan's $2 billion loss means Wall Street may not be that afraid of taking big bets again. Elizabeth Warren, consumer advocate and Democratic candidate for U.S. Senate, on her calls for Jamie Dimon's resignation from the New York Federal Reserve board.
* Newsweek cover is making waves this morning, claiming President Obama is the country's 1st gay president.
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    [UPDATED 8:04am Eastern] Consumer advocate and U.S. Senate candidate Elizabeth Warren re: JPMorgan Chase loss - says banks are loading up on risks, and don't want to be held accountable. Says problem is combo of size & attitude: Too much power in a handful of institutions & have attitude of 'leave us alone.
      [UPDATED 7:20am Eastern] Rep. Peter King and New Yorker's Ryan Lizza got into it on air a bit, with Rep. Peter King insisting the NYPD does not engage in racial profiling. Here's the link: http://www.cnn.com/video/#/video/bestoftv/2012/05/14/exp-point-king-profiling-exchange.cnn
      [UPDATED 7:06am Eastern] Sheila Bair, Fmr. FDIC Chair, says Dimon a good manager, stumbled badly here, but says we need better focus on bank components.