Flawed. Complex. Poorly reviewed. Poorly executed. Poorly monitored. Sloppy. Self-inflicted. Stupid. Badly judged. Yes, Jamie Dimon scored high marks in the confessional stakes for his various descriptions of how JP Morgan came to lose $2bn by trading credit derivatives.
But there are two points to remember here that no amount of breast-beating can disguise. First, the losses occurred right at the heart of the bank – its so-called chief investment office, which is responsible for managing JP Morgan's entire balance sheet. This was a failure at mission control.
Second, JP Morgan had been warned that something was amiss. The Wall Street Journal, Bloomberg and the Zero Hedge website have been writing for weeks about the out-sized positions taken by the so-called London Whale. JP Morgan's response was to say it was "comfortable" with its positions. When outsiders know more about what's going on inside a big bank than the bank's own management, none of Dimon's adjectives does justice to the character of the cock-up. He even ended up saying he wished he'd paid more attention to the newspapers.
I would add one more thing to the list above - it is clear that nothing has changed on Wall Street post-meltdown.
And it won't be long before the next one comes along.
The NY Times hints today that the next bubble to burst will be student loans.
Others say China's economy is the next major problem.
And of course European sovereign debt remains an incubating crisis.
One thing is certain, no matter what comes.
The criminals running things on Wall Street will continue to land on their feet.
Accountability, like austerity, is only for the little people.