Don't overreact to JPMorgan's loss

Let's stipulate that the $2bn trading loss at JPMorgan resulted from a strategy that was, in the words of Chief Executive Jamie Dimon "flawed, complex, poorly reviewed, poorly executed and poorly monitored."

Mr Dimon was wise to flog himself before he could be flogged by others, even though his self-flagellation is unlikely to halt the broad and well-founded criticism of the banks failed risk management.

But as the piling on continues, we should devote at least equal time to making this a "learnable" moment. In that spirit, here's what I think I've learned ... READ MORE

Released by the Financial Times - 14 May 2012