Those marvelously unfettered markets.
"There are many errors, sloppiness and bad judgment," [CEO Jamie Dimon] said, as JPMorgan’s stock sank in after-hours trading. "These were egregious mistakes. They were self-inflicted." He called himself and his colleagues "stupid."
[T]he point of the Volcker rule -- and of financial regulation more generally -- isn't to punish banks for being evil. It's to protect the rest of us from banks being stupid.
Heidi Moore, at Marketplace.org:
The Volcker Rule [against banks "putting money in hedge funds, investing in companies, or taking big, stupid bets in the market"] is something that's been talked about a lot but - this may surprise you - it hasn't actually even been written yet. It's currently a legislative whale, at 300 pages, and banks like JP Morgan are still fighting it.
With a lot of help, from Congress' you-know-whos.