JPMorgan's Biggest Mistake - William D. Cohan

``The idea that a security should be priced "where the traders could reasonably expect to transact" is the mantra of the senior executives and risk managers at Goldman Sachs, which has repeatedly shown the world it knows a thing or two about how to value its trading books. The same discipline didn't exist at JPMorgan. As the order reveals, the bank's traders had every incentive to mismark their books to hide their losses.''