Amazing

To have a bank executive to utter these words in 2012 is truly, truly stunning (via marketwatch):

“... in hindsight, the new strategy was flawed, complex, poorly reviewed, poorly executed, and poorly monitored. The portfolio has proven to be riskier, more volatile, and less effective as an economic hedge than we thought.”

This is Jamie Dimon, explaining why the synthetic credit products that JP Morgan created blew up in their face. This is fully 5 years after the financial crisis broke out. The last time something similar to the financial crisis since 2007 happened - in the Great Depression - the US introduced the SEC; broke up universal banks via Glass-Steagal; and introduced deposit insurance. Politicians did what they are there for. They look; they learn; they regulate the craziest risk-taking out of existence. And today? No more than the mildest of wags with a finger. The fact that anyone thinks this is an excuse for big banks - which, as we now know, only exist in bad times because of the taxpayers' generosity - losing billions is truly staggering. What exactly have we done to restrain risk-taking amongst the banks since 2007? Where are the adult politicians and regulators chaining the financial hounds of hell?