[P2P-F] Fw: 10 Questions JPMorgan's Board of Directors Should be Asking

Tue May 15 11:45:37 CEST 2012

----- Forwarded Message -----
From: John Fullerton <jfullerton at capitalinstitute.org>
To: Robert Searle <dharao4 at yahoo.co.uk> 
Sent: Tuesday, 15 May 2012, 4:45
Subject: 10 Questions JPMorgan's Board of Directors Should be Asking

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10 Questions JPMorgan’s Board of Directors Should Be Asking

Much has been written about the trading – not hedging – debacle at JPMorgan. Jamie Dimon’s mea culpa is intended to head off deeper questions. No cover-up on his watch - get out in front, be direct, deal with it, move on. Right? Not so fast.
JPMorgan’s board has a responsibility to probe more thoughtfully into the uncomfortable truth about the firm they are charged to oversee. Here are ten questions I’d want answers to if I were on JPMorgan’s board.
Read more at the Future of Finance. 
Commentary on Flawed, Ignorant, and Dangerous
Commenting on John Fullerton's Future of Finance blog post last week, "Flawed, Ignorant, and Dangerous: A Bain Capital Partner's Worldview," Robert Eller made the point that Edward Conard's book, Unintended Consequences, "may turn out to be an unintended act of patriotism" for the conversations it sparks and lines it draws in the sand on issues of inequality. This has surely proven true on our site this week. Over the week, the post John wrote about the book has opened up a number of interesting conversations in the comments section.
Early on Tim MacDonald raised the question of how difficult it is to address literature like Conard's saying, "deceits… are so exhausting to unravel." He noted that it's hard to decide whether to ignore these deceits or attempt to rebut them and likely lose your audience. Throughout the following posts, commenters agreed that works like Conard's must be addressed and they went about detailing their views about where Unintended Consequences is wrong. Commenters criticized Conard for not promoting resilience in the economic system, for conflating economic activity and human wellbeing, and for suggesting that financiers are more capable of running the economy than anyone else (and that they therefore should). However, commenter EastSide's recognition that everyone contributes to the economy in a critical and irreplaceable way helped to close the conversation on a more positive note.
Join in the conversation on the blog post Flawed, Ignorant, and Dangerous: A Bain Capital Partner’s Worldview on the Future of Finance blog.

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Reminder: John Fullerton to Speak at Degrowth Conference and BALLE Conference This Week
John Fullerton will be speaking at the Degrowth in the Americas conference in Montreal and BALLE’s Real Prosperity Starts Here conference in Grand Rapids, Michigan, this week. For more information on John’s participation, click here.

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Equality and Inequality in a Shrinking Economy
Next Tuesday 5/22 at 5pm, Gar Alperovitz and Richard Heinberg will be speaking at the the Institute for Policy Studies in Washington, DC on how to address inequality in a resource-scarce environment. The event will be simultaneously webcast. From the Democracy Collaborative:
“This is an important conversation that will take an unflinching look at the global consequences—both obvious and surprising—of shrinking resource pools. From the classic Global North/South divide to the stresses around the family dinner table, Gar and Richard will talk with you about our shared and rapidly approaching future, exploring strategies to rework our unsustainable economic paradigm towards a more equitable and sustainable system.”
For more information on the event, click here. What We're Reading

In the fallout of JPMorgan’s $2bn loss this week, we’ve been tracking a lot of the reporting and arguments being made around the web. We found Naked Capitalism’s article on Value at Risk modeling and how it played into this massive risk-management failure to be among the very best thus far.

JPMorgan Loss Bomb Confirms That It’s Time to Kill VaR

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Comment of the Week
“Unintended Consequences may turn out to be the most unintended act of patriotism of the year. The couldn't-be-more-aptly-named author (Google ‘conard’ or ‘connard’ for the French definition) is the oblivious Paul Revere riding to tell us from which direction the Loutish are coming.”

-Robert Eller, Flawed, Ignorant, and Dangerous: A Bain Capital Partner’s Worldview

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Quote of the Week
“Theory without empirics is empty. Empirics without theory is blind.”
- Immanuel Kant

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