[ by Howard Haykin ] The NYPost, a local newspaper, laid out Jamie Dimon's problems arising from the "Whale of a Trading Loss" incurred by the Chase bank.  The Chairman and CEO of JPMorgan Chase & Co., who in recent times was viewed by many as having the ability (and agility) to "walk on water" - a view that extended well beyond Wall Street - proved himself mortal and now is trying to regain the swagger that made him Wall Street’s star banker.

[C-I Note: It's interesting to ponder how Mr. Dimon initially acted as though he could readily talk his way out of the embarrassing situation.  He'd give some talking points, admit his 'stupid' errors, and regret how his extreme confidence in the London trading office somehow led bank management to become lax in its supervision.

But the more he said, the less we learned.  As questions mounted, Mr. Dimon's comments just didn't seem right.  And rather than explaining away the situation, the opposite came true.]

Friday Earnings Release. Which brings the focus to Friday, when JPMorgan Chase will release its quarterly numbers and CEO Dimon is expected to provide a fuller explanation that has been given - to Senators, to House Representatives, to Regulators. That expectation is very real - brought on by Mr. Dimon, himself, by repeatedly saying he'd provide a full explanation within the context of the bank's quarterly results.  It's interesting that Mr. Dimon is likely to face a hostile audience, one that will accept nothing short of the apparent truth.  There's little doubt he's capable of handling most situations and coming out smelling like roses, but he's never faced a situation where he was figuratively so low down in the popularity ratings game. Shares of JPMorgan Chase are down more than 21% since late April, when Mr. Dimon referred to the London hedging losses as "a tempest in a teapot."  And he has not been able to save some of his closest associates.  Ina Drew, head of the so-called Chief Investment Office (which oversaw the hefty trading losses), was compelled to leave the firm, ending a 3-decade long tenure at the bank.  A longtime acolyte since Mr. Dimon was leading Chicago-based Bank One, Drew also could see some of her roughly $16 million pay package clawed back by the bank’s board. Managing complicated banking situations isn’t new to Mr. Dimon, who cut his teeth under the tutelage of bank honcho and former Citigroup boss Sandy Weill. The post offers background into Mr. Dimon's personal and business background, which C-I will cover in a separate blog.  But you're welcome to read it now, by clicking on the referenced article in ...  [NY Post, 7/7/12].