In response to:

Simpler is Better: Dust Off Glass-Steagall

edday Wrote: Jun 19, 2012 12:59 PM
I'm not sure what all the noise is about. Sure, $2 billion is a lot of money, but it was shareholder cash. So far as I can tell, no depositors or other 3rd parties lost a dime. Certainly the taxpayer was not on the line in the same way as Solyndra. Deregulation of the banks and investment houses has resulted in a stronger financial community. It's not clear what would have happened if we had the same banking system that existed before deregulation.

A $2 billion loss can produce a moment of humility even in a fabled master of American banking and international finance.

Jamie Dimon, formerly known as the King of Wall Street, was a little less than his normally fighting self when he got to the Senate Banking Committee last Wednesday. He even admitted he'd been "dead wrong" when he tried to blow off news of JPMorgan Chase's colossal screw-up earlier this year. Or, at least, the people he'd relied on were dead wrong. (The surest sign of a chief executive who doesn't need to be one is a tendency to pass...