The other hell of it is that Chase is the bank run by a guy who is actually supposed to know what he is doing--not like Stan O'Neal sulking alone on the golf course, or Jimmy Cayne at the bridge table, or Dick Fuld hunkered down in his bunker after the manner of Howard Hughes or Mistah Kurtz. Jamie Dimon and his gaggle of cheerleaders would have you believe that their guy is Mr. Hands-on Competence. Maybe he can explain it all to us someday from his retirement perch as a visiting professor of ethics at the Harvard Business School.
Fn. A couple of years back, I would have thought that Irving Picard was taking on the most thankless job in modern finance. Now I'm looking forward to his first appearance to do a top ten on the Letterman show.
Note: Epicurean Dealmaker thinks it's baloney; that the bank was just selling a product. He does acknowledge that the bank blurs the distinction by describing its