Boat of Gloat v.2

JP Morgan suffered a $2 billion dollar embarrassment today, compounded by the arrogance and defiance of their CEO Jamie Dimon. Dimon has been fighting financial reform tooth and nail since the 2008 melt down.

For a bank viewed as a strong risk manager that never reported a loss throughout the financial crisis, the errors are embarrassing, especially in light of Dimon's public criticism of the so-called Volcker rule to ban proprietary trading by big banks, and could lead to more heat from Washington on the sector.

"This puts egg on our face," Dimon said, apologizing in a hastily called conference call with stock analysts and conceded that the losses were linked to a Wall Street Journal report in April about a trader, nicknamed the 'London Whale', who, the report said, had amassed an outsized position.

It ain't hedging if you lose $2 billion on a trade. It's called speculation backed by the taxpayer.

All I can add is, this boat's for you...