For the past year, virtually everyone agreed that Goldman Sachs was the Teflon bank of Wall Street. People still rave about its winning hedges that allowed it to beat the subprime-related credit mess. But more recently, people have also been raving about JPMorgan Chase, and how it too was able to avoid the severe losses that plagued its competitors. A lengthy Fortune article reflects this bit of conventional wisdom.  

With CEO Jamie Dimon at the helm, JPMorgan got out of the subprime securitization business when it was still booming, shunning SIVs and CDOs when others were doubling down. Such banks include the likes of Citigroup and Merrill Lynch. So while some banks got clobbered and Goldman Sachs hedged successfully, JPMorgan Chase steered clear. Analysts are upbeat about the bank right now. Here's an example of analysts' bullishness.  

JPMorgan Chase didn't chart a perfect course. For the third quarter, it announced a $1.5 billion writedown for mortgages and leveraged-loans, and $600 million for its Fannie Mae and Freddie Mac holdings. Still, compared to others, it has sailed through.  

So what's Dimon's secret? Fortune suggests that he has assembled a loyal, diverse team of executives that he relies on to do what's right. "These players take their cue from the outspoken--frequently outrageous--coach. The group is generally loud and unsubtle. At the monthly all-day operating-committee meeting of the top 15 executives, the atmosphere is variously described by the participants as 'Italian family dinners' or 'the Roman forum--all that's missing is the togas.' Dimon will throw out a comment like 'Who had that dumb idea?' and be greeted with a chorus of 'That was your dumb idea, Jamie!'"    

The question now is: How he will expand? - Jim