J.P. Morgan Chase, et al.

Here are a few initial premises you are free to accept or reject:

1. The only means by which investment firms succeed are dumb luck and/or insider information.
2. Given the nature of the normal curve, it is reasonable to suspect that the most successful investors depend on insider information.
3. Every once in a while, even the lucky and the insiders must fail.

Following on those premises, it is likely that Jamie Dimon genuinely believes he still is a financial genius when he assigns all blame to Ina Drew.  The lucky CEOs always believe they are geniuses, as do the ones who trade on insider information without getting caught.  (Of course, it doesn't take genius to capture the regulatory agencies — just enough money to buy the right politicians.)

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.