Maria said, "It's not taxpayer money, it's JPM's money. They took a trading loss. What's the big deal? It happens. Leave them alone."
Well, it is taxpayer money and it is a big deal. Sorry Maria.
Bank deposits are guaranteed by the gov't (taxpayers). Without that guarantee, JPM would be far, far, smaller in terms of assets. And they'd have far, far, less of "their money" to play around with.
This is risk taking that could, potentially, trigger another taxpayer bailout so in effect, they are, again, playing with taxpayer money. Actually, playing in anything, is playing with taxpayer money by virtue of that deposit guarantee and their government charter that allows them to create money out of thin air.
Anyway, if JPM is so in love with risk, why doesn't Jamie Dimon instruct his bank to make loans instead of speculating in illiquid credit instruments? They'd make a lot more money, the risk would be less and it would greater serve the public purpose, which is why banks exist in the first place.