Jamie Dimon: Poster Boy for Regulation

Sunday there was a spate of articles in the print media about the $2 billion “mistake” at JP Morgan, all interesting, some valuable.  Paul Krugman compresses the important point into his column today.

…banks are special, because the risks they take are borne, in large part, by taxpayers and the economy as a whole. And what JPMorgan has just demonstrated is that even supposedly smart bankers must be sharply limited in the kinds of risk they’re allowed to take on.

Krugman: Why We Regulate

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