June 22 (Bloomberg) -- In recent weeks, the financial pages
have intensively covered JPMorgan Chase & Co.’s $2 billion
losses in derivatives trading. The episode has raised questions
about the ability of Jamie Dimon, “the King of Wall Street,” to
continue as the financial industry’s leading spokesman for
Some commentators have speculated that this incident may
stiffen the resolve of legislators and regulators to demand
tight limits on proprietary trading by depository institutions.
This possibility suggests a look back to a moment during the
Great Depression that did trigger more rigorous financial
regulation -- the spectacular downfall of Richard Whitney.