What Was Morgan Thinking?

JP Morgan CEO James Dimon has announced that Morgan's traders have been doing a sloppy enough job to lose the firm $2 billion.  He, of course, still opposes the Volcker Rule that would preclude such unbuttoned trading.  The federal regulators have until July to get the rule up and running.  This Wall Street Journal article explains what's going on.  But it raises some other questions: (1) does this prove again that the "Masters of the Universe" have very little idea what they're doing? (2) could this trigger a stock market slide that we've all been dreading? (3) will the government seize the opportunity to get Volcker in place? (4) will someone (anyone!) stand up and suggest that Jamie Dimon may be overpaid?

http://online.wsj.com/article/SB10001424052702304070304577396511420792008.html