Quote

Three JPMorgan Chase senior executives are reportedly set to resign this week over the firm’s $2 billion loss on derivatives trades, including the executive who oversaw the trade.

US media, citing company executives, reported on Sunday that the bank’s chief executive Jamie Dimon was set to accept as early as Monday the resignation of Ina Drew, a 55-year-old chief investment officer who has worked at the firm for three decades.

I think back to the good ol’ days of piracy (ahem) er,  privateering on the high seas, when a failure of this magnitude would get you hung on a short rope at Wapping and, after three tides had washed over your head, your body would be tarred and hung in chains at Blackwall as a warning to others. Your boss would get at least a knighthood (after handing over sufficient cash).