J.P. Morgan: Jamie Dimon and the horse he fell off

Given his long record of success, Jamie Dimon will likely be back in the saddle in short order. And years from now, relatively few people will remember J.P. Morgan's trading

 blunder.

By Jack and Suzy Welch

FORTUNE -- If there's one person you probably don't envy right now, it's Jamie Dimon.
In the past week, the J.P. Morgan (JPM) CEO has been summoned to testify before Congress and learned that his company is facing investigations by an alphabet soup of federal agencies, from the CFTC to the FBI to the SEC. He's also had to spend a lot of time in the middle of a media feeding frenzy, offering mea culpas and referring to himself and members of his team as "stupid," "sloppy," and "dead wrong."
In short, Jamie Dimon has been knocked off the large, white horse he rode through the financial crisis.
Now, echoing the general consensus, nothing illegal appears to have occurred in the course of J.P. Morgan's $2 billion-plus trading loss. No taxpayer money was involved, and the investigations, it seems, are largely pro-regulation political grandstanding with a dose of schadenfreude thrown in. At least so far, nothing has happened that's actually going to seriously damage the bank's long-term value to shareholders. It's just that -- well, it's just that J.P. Morgan made a mistake.