I owned JPM all through the London Whale episode. While it was embarrassing it was a financial rounding error. The largest cost was the arbitrary fine from your beloved government. I mean arbitrary. There was no reason to enact a fine but greed from the government, They just used this as an excuse to rob from shareholders.

Speaking of governments being unfair to JPM. How about the WAMU takeover. JPM steps in while the whole world is spiraling into a depression and what do they get, another big fine from the government for WAMU misdeeds before the purchase that show up on JOM doorstep.

You may not believe it but the government is not only incompetent, but they are also basically thieves. I am not saying that we don't need government, but we need quality people to participate. The most ridiculous statement is that the government represents themselves a public servants. Hogwash. They are highly compensated employees and need to perform accordingly. In fact most of the government hire a consultant at an even higher cost to do what little work they do.