From Fortune: Amid reports from the New York Times that J.P.
Morgan's London unit trade losses could climb as high as $9 billion, some are
wondering whether it's time to seriously reconsider CEO Jamie Dimon's fate at
the bank.
"Dimon has either failed to supervise, failed to tell
the truth, or both. Pleading ignorance doesn't help," Tufts University
business professor Amar Bhide told me. Bhide believes the board should fire
Dimon, saying Dimon's tenure can be characterized by "repeated incidents
that exemplify an absence of the duty of care, which impacts the public
good."
Some might argue that concern over Dimon's behavior and J.P.
Morgan's (JPM) activities are overblown. But, according to the recently
published Bank for International Settlements' annual report, while banks may
"appear well capitalized," they "remain highly leveraged,"
holding "outsize derivatives positions." Both high leverage and the
use of trading as "a major source of income … are moving the financial
sector towards the same high-risk profile it had before the crisis," the
report stated. "Recent heavy losses related to derivatives trading are a
reminder of the dangers…."
http://management.fortune.cnn.com/2012/06/28/jp-morgan-jamie-dimon/?iid=SF_F_River
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