I may love nostalgia, but in my desire to travel back in time, 2008 isn't one of the top settings on my way-back machine. Yet last month's drama of JPMorgan Chase losing $2 billion put me right back into those fun days of the implosion of Lehman Brothers—and the resultant Great Recession.

In a story that's still developing, a failed hedging strategy could cost JPMorgan—one of the “good guy” banks of the meltdown—as much as $5 billion, depending on who you ask.

Of course, heads rolled over the situation—with the exception of the noggin of JPM Chair and CEO Jamie Dimon, whom stockholders rewarded with a vote of confidence and a $23 million pay package. Not bad for a guy who just cost the company billions and publicly stated of the bank's little math mishap: “We know we were sloppy. We know we were stupid. We know there was bad judgment.”

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