Credit Slips alumni John Pottow sent me an op-ed from Freep.com. Being an idiot, it took me a while to figure out that this was the Detroit Free Press. John takes on the huge trading loss at J.P. Morgan and the continued need to regulate financial hedging at U.S. banks (no matter what Jamie Dimon says). Check it out.
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The three directors who oversee risk at JPMorgan Chase & Co. (JPM) include a museum head who sat on American International Group Inc.’s governance committee in 2008, the grandson of a billionaire and the chief executive officer of a company that makes flight controls and work boots. What the risk committee of the biggest U.S. lender lacks, and what the five next largest competitors have, are directors who worked at a bank or as financial risk managers. The only member with any Wall Street experience, James Crown, hasn’t been employed in the industry for more than 25 years.
http://www.bloomberg.com/news/2012-05-25/jpmorgan-gave-risk-oversight-to-museum-head-who-sat-on-aig-board.html