- The only means by which investment firms succeed are dumb luck and/or insider information.
- Given the nature of the normal curve, it is reasonable to suspect that the most successful investors depend on insider information.
- Every once in a while, even the lucky and the insiders must fail.
J.P. Morgan got caught in it's own web. From time time, even the lucky and the insiders must fail.
A restoration of Glass-Steagle is gaining some popularity of late. If Bill Clinton hadn't been quite so beholden to Wall Street money, Glass-Steagle still might be the law of the land. If any bill deserved a veto, it was Gramm-Rudman-Hollings. We really need Glass-Steagle back again.
Personally, I'm of the "Dimon is just another asshole who got lucky" school of thought. I don't blame Dimon — I blame Clinton (for his cowardice or his greed — who knows which?) Dimon is incapable of recognizing what a turd he truly is — he's convinced (because he was lucky for a while at the right time) he actually knows more than the rest of us. Well, apparently, he was wrong.