Jamie Dimon loses his luster

Jamie Dimon, the embattled CEO JPMorgan, did not mince words when discussing the calamitous $2 billion trading loss his bank suffered recently, calling his bank "stupid," saying that they "screwed up" and that "we deserve any criticism we get."

The trading disaster couldn't have happened at a better time for reform advocates. Internally and externally, the big losses will no doubt be dissected and will likely affect some careers. DealBook offers a list of those that will be thrust into the spotlight: Bruno Iksil, the London Whale, AKA Voldemort, acquired the credit-default swaps that led to the $2 billion loss; Ina Drew, head of the chief investment office, who expanded the office greatly per directions from above; John Hogan, the firm's chief risk officer, and Douglas Braunstein, JPMorgan's chief financial officer.

But the executive with the most on the line is Dimon himself. He has emerged as a most truculent critic of the Volcker Rule. While he agreed with the idea that banks with insured funds should not be able to make massive proprietary bets, he also mocked the idea of trying to separate legitimate hedging and market making from prop trading. He even personally critcized Paul Volcker.

One could argue that the $2 billion loss will undercut Dimon's case, and people will certainly push that line, suggesting that banks will easily circumvent the rules by disguising prop trading as hedging or market making. They know have more fodder to do that, whether the argument is sound or not. Dimon has certainly seen his credibility eroded.

For more:
- here's the DealBook list

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