Fun as it may be to beat up on the arrogant Jamie Dimon for the $2 billion-plus derivatives fiasco at JPMorgan Chase, this is like blaming the lion that ate the kid who got too close to its cage at the zoo, rather than going after the guy who allowed such an unsafe cage to be built.
What just happened at J.P. Morgan reveals how fragile and opaque the banking system continues to be, why Glass-Steagall must be resurrected, and why the Dallas Fed's recent recommendation that Wall Street's giant banks be broken up should be heeded.
In the light of JP Morgan's stunning losses on derivatives, announced yesterday but with the full scope of total potential losses still not yet clear (and not yet determined), Jamie Dimon and his company do not look like any kind of appealing role model.
JPMorgan Chase CEO Jamie Dimon recently said that he felt safer in Lebanon than when Occupy marched past his house. If nothing else, it proves Wall Street bankers haven't gotten any better at risk management than when their bad bets crashed the economy and caused the Great Recession.