Dimon supported Ina Drew's transformation of corporate "checking accounts" into big bets against Europe and the Euro. They turned a risk management fund into a trading operation. It's 2009 all over again.
Dimon's luck with his timing though. The GOP Congress will ensure there are no consequences this election year, and he can put his billions towards a Romney win.
Even better, Dimon can pin the whole thing on the guy traders hate - Paul Krugman. After all, it was Krugman who predicted that Greece would have to drop out of the Euro unless Germany accepted major reforms.
As it happened Europe made partial reforms, pushing the date of Euro collapse into 2012 and ruining Dimon's week.
Of course Krugman has not really been disproved, but doesn't he make a great scapegoat for Dimon?
In the end, Krugman humbled JP Morgan after all. Just not the way we thought he would.