As tempting as it is, I’m not going to pile on JP Morgan for their $4 Billion write-off.
I have to give Jamie Dimon credit (sic) for his candid review of the situation:
The bank’s strategy was flawed, complex, poorly reviewed, poorly executed and poorly monitored, Mr. Dimon said … He called the mistake egregious, [and] self-inflicted …
Back in the day when I worked for a living, and things didn’t go particularly well, the question was always whether it was FUBAR‘d because of a good strategy with crap implementation, or crap strategy with good implementation.
Once in that debate everyone involved could point fingers and run from responsibility.
So I have to admire Mr. Dimon for leaving no doubt that this particular exercise was crap from beginning to end.