I’m really not all that interested in the impending mushroom cloud of guilt over the two billion dollar loss over at JP Morgan Chase. Ina Drew quit, some heads will roll, and by next Monday Chase will be back to making hedged bets as they were before. ‘A bank lost money on an investment and it was a lot of money’ shouldnt take up two news cycles. The problem with this scenario isn’t that Dimon has too much control or that there isn’t enough regulation, its that investment banking by definition contains some risk. That’s why they have risk management. But like everything else that exists in this world it doesn’t always work.

Several other commentators have said this, and I echo their point, that its more troubling that Dimon was so self flagellating in public about the loss that it almost inspires more doubt that relief. Doesn’t Chase have a good business model? Why does he need to go on Meet the Press?

Smart oversight and risk management are hard to come by, and even harder to legislate.