Oh how the mighty have stumbled (or fallen)! Immediately John Travolta comes to mind. Kidding! However, John Edwards and Bo Xi Lai's staggering fall from grace is no joking matter.
But it's also a rather trying time for those outside of politics. HK's billionaire Kwok brothers' are still mired in a messy family drama. And more recently JP Morgan Chairman Jamie Dimon's pristine reputation has been tarnished. Just some background here, after successfully navigating JPM through the financial crisis, Dimon had emerged as the mature and prudent statesman of the banking industry. This is being tested following the announcement of a U$2b trading loss.
Unfortunately, this JP Morgan news couldn't come at a worse time for bankers. Comes smack in the middle of the debate over placing trading restrictions on banks (Volcker Rule). Needless to say, supporters of the Volcker Rule are saying 'I told you so!!' Sucks as I was hopeful bankers were starting to get a bit of their swagger back.
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