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First ’Voice of Wall Street’ a Study in Risk

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 regulatory restraint.

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.