Here's some more interesting quotes on that JPMorgan trading loss.
'I want to reiterate the critical role that we play at J.P. Morgan Chase. We must remain vigilant in early identification of risks as they relate to clients, counterparties or markets. Relaxing our guard is never an option. We need to use the tools available to us and not lose sight of tail events. Our focus is no surprises and a readiness to escalate quickly continues to be vitally important. Remember as an independent oversight function it's our responsibility to escalate early and as often we see fit.'
JP Morgan Chief Risk Officer John Hogan (FINS)
Sheila C. Bair, the former chairwoman of the Federal Deposit Insurance Corporation (The New York Times)
Jamie Dimon (The New York Times)
'This regrettable news from JPMorgan Chase obviously goes counter to the bank’s narrative blaming excessive regulation for the woes of financial institutions. Interestingly, in the Economist’s long attack on the financial reform bill, one of their leading examples of the harm the bill is doing was JPMorgan Chase’s assertion that complying with the new rules will cost $400 to $600 million at the outset (a number which will obviously go down as compliance processes are set in place). In other words, JP Morgan Chase, entirely without any help from the government has lost, in this one set of transactions, five times the amount they claim financial regulation is costing them.
The argument that financial institutions do not need the new rules to help them avoid the irresponsible actions that led to the crisis of 2008 is at least $2 billion harder to make today'.
Representative Barney Frank
'Either Dimon misled the public about the gravity of the festering trades during his company’s first-quarter earnings call last month. Or he didn’t know what was happening inside the bowels of his own company. History tells us the latter is the norm for Wall Street bosses, though it’s hard to say which is worse'
Jonathan Weil (Bloomberg)
'At any other company in any other industry under these circumstances the CEO would resign. If Boeing or Caterpillar or any other reputable company were to lose this much money relative to operations in a haphazard manner on activities that were so contrary to the principles in which the CEO stood ? Yes the person in question would resign. If he didn't resign, the board would remove him'.
Simon Johnson, Yahoo Finance