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<DIV dir=ltr><FONT size=2 face=Arial>----- Forwarded Message -----<BR><B><SPAN style="FONT-WEIGHT: bold">From:</SPAN></B> John Fullerton <jfullerton@capitalinstitute.org><BR><B><SPAN style="FONT-WEIGHT: bold">To:</SPAN></B> Robert Searle <dharao4@yahoo.co.uk> <BR><B><SPAN style="FONT-WEIGHT: bold">Sent:</SPAN></B> Tuesday, 15 May 2012, 4:45<BR><B><SPAN style="FONT-WEIGHT: bold">Subject:</SPAN></B> 10 Questions JPMorgan's Board of Directors Should be Asking<BR></FONT></DIV><WBR>
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<div><FONT color=#111111 size=5 face=calibri><B>10 Questions JPMorgan’s Board of Directors Should Be Asking</B></FONT><FONT class=yiv1073860267Apple-style-span color=#333333 face=calibri><SPAN style="FONT-SIZE: small" class=yiv1073860267Apple-style-span><BR></SPAN></FONT></div>
<div><FONT color=#333333 size=2 face=calibri>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.</FONT></div>
<div><FONT color=#333333 size=2 face=calibri>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.</FONT></div>
<div><FONT color=#333333 size=2 face=calibri><FONT color=#333333 size=2 face=calibri><FONT color=#333333 size=2 face=calibri>Read more at <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5488&qid=103858" rel=nofollow target=_blank></FONT><FONT color=#5987c6>the Future of Finance</A>.</FONT></FONT></FONT></div></TD></TR>
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<div><FONT class=yiv1073860267Apple-style-span color=#111111 face=calibri><SPAN style="FONT-SIZE: x-large" class=yiv1073860267Apple-style-span><B>Commentary on Flawed, Ignorant, and Dangerous</B></SPAN></FONT></div>
<div><FONT color=#333333 size=2 face=calibri>Commenting on John Fullerton's Future of Finance blog post last week, <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5474&qid=103858" rel=nofollow target=_blank></FONT><FONT color=#5987c6>"Flawed, Ignorant, and Dangerous: A Bain Capital Partner's Worldview,"</A> Robert Eller made the point that Edward Conard's book, <I>Unintended Consequences</I>, "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.</FONT></div>
<div><FONT color=#333333 size=2 face=calibri>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 <I>Unintended Consequences</I> 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.</FONT></div>
<div><FONT color=#333333 size=2 face=calibri>Join in the conversation on the blog post <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5474&qid=103858" rel=nofollow target=_blank></I></FONT><FONT color=#5987c6><I>Flawed, Ignorant, and Dangerous: A Bain Capital Partner’s Worldview</A> on the Future of Finance blog.</FONT></div>
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<div><FONT color=#333333 size=2 face=calibri><FONT color=#333333 size=2 face=calibri><FONT class=yiv1073860267Apple-style-span color=#111111 face=calibri><SPAN style="FONT-SIZE: x-large" class=yiv1073860267Apple-style-span><B>Reminder: John Fullerton to Speak at Degrowth Conference and BALLE Conference This Week</B></SPAN></FONT></FONT></FONT></div>
<div><FONT color=#333333 size=2 face=calibri>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 <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5477&qid=103858" rel=nofollow target=_blank></FONT><FONT color=#5987c6>here</A>.</FONT></div>
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<div><FONT color=#333333 size=2 face=calibri><FONT class=yiv1073860267Apple-style-span color=#111111 face=calibri><SPAN style="FONT-SIZE: x-large" class=yiv1073860267Apple-style-span><B>Equality and Inequality in a Shrinking Economy</B></SPAN></FONT></FONT></div>
<div><FONT color=#333333 size=2 face=calibri>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:</FONT></div>
<div><FONT color=#333333 size=2 face=calibri>“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.”</FONT></div>
<div><FONT color=#333333 size=2 face=calibri>For more information on the event, click <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5478&qid=103858" rel=nofollow target=_blank></FONT><FONT color=#5987c6>here</A>.</FONT></div></TD>
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<div><FONT color=#eeeeee size=3 face=calibri><B>What We're Reading</B></FONT><BR><BR><FONT size=2 face=calibri><FONT color=#cccccc>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.</FONT><BR></FONT></div>
<div><FONT size=2 face=calibri><FONT color=#5987c6 size=2 face=calibri><A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5479&qid=103858" rel=nofollow target=_blank></FONT><FONT color=#5987c6>JPMorgan Loss Bomb Confirms That It’s Time to Kill VaR</A></FONT></FONT></div>
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<div><FONT color=#eeeeee size=3 face=calibri><B>Comment of the Week</B></FONT></div>
<div><FONT size=2 face=calibri><FONT color=#cccccc>“<I>Unintended Consequences</I> 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.”<BR><BR>-Robert Eller, <A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5474&qid=103858" rel=nofollow target=_blank></I></FONT><FONT color=#5987c6><I>Flawed, Ignorant, and Dangerous: A Bain Capital Partner’s Worldview</A></FONT></FONT></div>
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<div><FONT color=#eeeeee size=3 face=calibri><B>Quote of the Week</B></FONT></div>
<div><FONT size=2 face=calibri><FONT color=#cccccc>“Theory without empirics is empty. Empirics without theory is blind.”</FONT></FONT></div>
<div><FONT size=2 face=calibri><A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5480&qid=103858" rel=nofollow target=_blank></FONT></FONT></FONT></FONT></FONT></FONT><FONT size=2 face=calibri><FONT size=2 face=calibri><FONT size=2 face=calibri><FONT color=#5987c6><FONT color=#5987c6><FONT color=#cccccc size=2 face=calibri>- Immanuel Kant</A></FONT></div><BR><BR><FONT size=2 face=calibri><FONT size=2 face=calibri><FONT size=2 face=calibri><FONT color=#5987c6><FONT color=#5987c6><FONT color=#cccccc size=2 face=calibri><A style="TEXT-DECORATION: none" href="http://www.capitalinstitute.org/sites/all/modules/civicrm/extern/url.php?u=5481&qid=103858" rel=nofollow target=_blank></FONT></FONT></FONT></FONT><FONT color=#cccccc size=2 face=calibri><FONT size=+0><FONT color=#cccccc size=2 face=calibri><FONT size=+0><BR></A></FONT></FONT></FONT></FONT></FONT></FONT>
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