Another view of JP Morgan

James Kwak at Baseline Scenario has an interesting take on the JP Morgan fiasco.  His premise, which is very hard, if not impossible, to dispute, is that success is a combination of skill and luck.  To me, it's clear that chance (you can call it luck) is a very important determinant in one's life.

Dimon and company seem to believe that luck does not play into man's endeavors.  Their prior success, they seem to believe, was due solely to their skill.