A Big, Bad Bet

A Big, Bad Bet Yesterday on ABC News, President Obama praised JP Morgan’s Jamie Dimon as “one of the smartest bankers we got,” adding, “and they still lost $2 billion and counting.” Of course, on the heels of this very big bad bet, Obama and the DC bureaucrats will use this mess to argue that we need to add more regulation and pork to the already bloated bureaucracy. In my view, we do not need more DC oversight; instead, what the JP Morgan board should do is advise Mr. Dimon that his total comp for 2012 has been retroactively reduced to $1. That single and simple move would lay the groundwork for more reform than you might imagine.