Jennings Osborne: Generous to a Fault (Gwen Moritz Editor's Note)

by Gwen Moritz  on Monday, Jun. 11, 2012 12:00 am  

Gwen Moritz

After my last column, in which I wondered whether J.P. Morgan or Wall Street in general had learned anything at all from 2008, a reader informed me that I was just too dumb to understand that the transactions that cost as much as $3 billion were like "quantum mechanics," representing "a very specific point in time." Given more time, he assured me, "the results could have been dramatically better or worse."

My reader is correct: I don't understand. The idea that J.P.Morgan's trading losses could have been even worse didn't make me feel better. But what do you expect from a journalist?  

Far more disturbing is the realization that the Comptroller of the Currency just doesn't get it either. Last week, Thomas Curry told the Senate Banking Committee that J.P. Morgan had "inadequate risk management" and acknowledged that his office's 65 on-site regulators could have fallen down on their jobs as well.

I hate it when simple quantum mechanics get so politicized, don't you?

(Gwen Moritz is editor of Arkansas Business. Email her at and follow her on Twitter @GwenMoritz.)



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