Lesson of JPMorgan's Whale Trade: Nothing Was Learned

We've been told that so many times since the near-death experiences of the financial crisis. Bankers and regulators have flipped roles: Now it's the bankers who are cautious and their overseers who are aggressive.

Details of JPMorgan Chase's multibillion-dollar trading loss -- brought to light by a riveting and devastating report from the Senate Permanent Subcommittee on Investigations -- demonstrate what a sham that is. Bankers aren't acting cautious and chastened. Risk managers aren't in the ascendance on Wall Street. Regulators remain their duped and docile selves.