The humbling of a king of Wall Street

In a special conference call this evening Jamie Dimon, CEO of JPMorgan disclosed a "trading loss" of at least $2 billion from a failed hedging strategy. The strategy "morphed over time" and it was "ineffective, poorly monitored, poorly constructed and all of that," said Dimon. Last month, Dimon he denied there were any problems, most likely hoping they would go away or he could cover them up. Instead, Dimon went to the confessional.