Nothing but a very thorough review of the losses made by the 'Whale' was to be expected but one still has to wonder how much good this
report will do. Its recommendations certainly will keep a lot of regulators and
JP Morgan staffers very busy in the future. But looking at the quite unstructured text in the 18 pages it contains hints at the main problem any financial institution faces: complexity and human frailty combined with a good mix of fear, risk and greed. Setting up ever more complex procedures and review bodies will only go so far and never be a perfect substitute for common sense and competent, honest and modest people.
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