Failure Rewarded

JP Morgan bungled about $2 billion dollars:

JPMorgan Chase disclosed on Thursday that a trading group had suffered “significant” losses in a portfolio of credit investments, with the chief executive, Jamie Dimon, estimating losses at $2 billion in a conference call.

“These were egregious mistakes,” Mr. Dimon said on the call. “They were self-inflicted and this is not how we want to run a business.”

On a daily basis, people get fired for things like the register being off by $3 or bungling a lunch order; in other words, I feel bad for Mr Dimon, whose inevitable $175M golden parachute once he's jettisoned by JP Morgan will barely pay his rent.  You know, if he's renting Europe for the summer.