'None of these big banks really want compliance people causing traders and investment bankers to second-guess themselves too much because that gets in the way of making money.'

The New York Times has this interesting profile of JPMorgan's general counsel, Stephen M. Cutler, who has talked tough in the past on the importance of compliance with financial rules and regulations but on whose watch "JPMorgan had agreed to admit wrongdoing and pay nearly $1 billion in fines for its conduct in the 'London Whale' matter, in which the bank’s chief investment office lost more than $6 billion and bank officials misled regulators about the losses."