One-by-one, drip-by-drip, JP Morgan has been suffering enforcement action after enforcement action – most recently, JP Morgan settled the "Whale" blowout case for hundreds of millions of dollars with the SEC because its risk monitoring and controls were apparently ignored or faltered and resulted in a trading loss in the billions. Even more surprising was the fact that JP Morgan failed to follow one of the most basic governance requirements — informing the board of the catastrophic breakdown in risk management. Then JP Morgan was added to the list of companies engaging in hiring of relatives of foreign government officials, apparently in connection with attempts to secure lucrative business contracts from the same government officials. For a few days, JP Morgan took over the headlines on this issue and pushed Glaxo Smith Kline off the front pages as this scandal unraveled in China and other Asian countries.