[Hugin]

Dimon was blunt in his own assessment, calling his bank's trading strategy "flawed, complex, poorly reviewed, poorly executed and poorly monitored."

Now I'm sure that Dimon will take full responisbility for allowing this to happen, refuse all bonuses, and resign immediately. Right? /s

[the invisib1e hand]

lemme see, should I dig out the post on my favorite blog about how centralized risk management is a farce and a folly...

ah, why bother? It's enough to say that, when they start calling a trader a "whale", if you don't start scrutinizing him then you're negligent.

[aquila48]

“But if anything, this shows the costly Dodd-Frank financial regulation has solved nothing.”

Regulators always find the problem after it occurs. Worse than that regulations give people a false sense of security (like someone is watching out for you), making the resulting problem much bigger than it would otherwise have been.