“Paul Volcker by his own admission has said he doesn’t understand capital markets. He has proven that to me,” famously sneered JPMorgan Chase CEO Jamie Dimon earlier this year, irritated by Volcker and his “Volcker Rule” that claims that banks should not be allowed unlimited scope in engaging in “risk management.”
Well, that was, you know, then. Now JPMorgan Chase has dropped $2 billion while engaging in risk management, provoking a round of sneers from folks like Adam Pasick and Felix Salmon. Hey, Jamie, don’t sweat it. I’m sure Tim “the Gods of Wall Street are never wrong” Geithner will be glad to bail you out.
*Because, having only two, he cannot find his own ass, other than by falling on it.
