Published: Friday, July 13 2012 12:00 a.m. MDT
In the Navy, the commander of the ship is ultimately responsible for the conduct
of the crew. The CEO sets the ethical standards at JPMorgan and that lack of
standards is the basis for this loss, not a rogue trader. If the trades had been
profitable, despite the risk involved, they would have been richly rewarded.
JPMorgan is declaring that high risk business practices are bad, only if they
don't prove profitable.
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