This episode will no doubt renew calls for a stronger Volcker Rule. But the real lesson here is that nothing can replace humility and competence, and both were sorely missing at JPMorgan. Everyone should remember that the next time the banks come hat in hand to the government for a bailout.

Sorry Michael. Wrong. Humility has nothing to do with it. These investment banks need to be broken up, the same way Standard Oil was broken up in 1911. If you're too big to fail, then you're too big to exist. End of story.

Who needs them anyway? If they disappeared tomorrow life will still go on. All the homes, shops, farms, factories, roads, bridges, cities.... will all still be there. We're a smart species. We'll figure out a way to keep going without these parasites sucking the life blood out of every productive citizen on the planet.

ebear