THE BLOG
01/16/2013 12:02 pm ET Updated Mar 18, 2013

The Whale That Swallowed Half Of Jamie Dimon's Pay

In case you were looking for it, here's the link to JPMorgan Chase's report on the London Whale trading debacle.

I'm still reading through it, but so far there's not much of note that we didn't know about already. There are lots of details about the trades and profit-and-loss estimates and such, and FT Alphaville is doing a good job of dredging through all of that, if that is the sort of thing that floats your boat.

As you know by now, the mess has cost Jamie Dimon half his pay for the year, meaning he's going to have to get by on just $11.5 million, only $1.5 million of which will be in cash. It's like his own personal 9/11.

The board is absolutely right to hold Dimon at least partially accountable for the London Whale losses. I'm still waiting to get to the part of the report where the board takes some responsibility, too. Something tells me I shouldn't hold my breath while I'm doing it. As Fortune's Stephen Gandel points out, the board has hardly been rattled by the losses. It has a risk-management committee that must bear some of the burden of this mess.