Heads Start Rolling At JPMorgan Amid Trading Loss

JP Morgan is sometimes called 'The House of Dimon' for the all encompassing presence of its CEO, Jamie Dimon. For years he has been unquestionably the most powerful banker in the United States, and as such, the de facto voice of Wall Street.

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By Jake Zamansky:JPMorgan Chase's (JPM) horrific $2 billion-and-counting loss shows that Wall Street has learned nothing from the 2008 financial crisis that brought down one-time stalwarts Lehman Brothers and Bear Stearns.What's more, the staggering loss, due to bets on complex derivatives, puts the lie to the suggestion that Wall Street need less, not more, regulation.

Wall Street Breakfast Editors submit:Top StoriesJPMorgan loses $2B in six weeks on "egregious" blunder. JPMorgan (JPM) has reportedly held discussions with U.K. regulators after revealing that its Chief Investment Office, headed by "London Whale" Bruno Iksil, took $2B in losses from a failed hedging strategy and could take another $1B in Q2.

Michael Mayo, the analyst who has never seemed afraid to criticize and cajole the world's most powerful banks, wants you to know that he's a rebel. It's the persona that he's cultivated in the press and with investors; and it's also at the heart of his new book, Exile on Wall Street, the title itself is a riff on the Rolling Stones' 18-track paean to sex, drugs, and rock 'n roll.