“Could misdirection over the meaning of a simple, five-letter word – hedge – be at the heart of the roiling controversy over JPMorgan Chase’s embarrassing $2 billion loss in European trading?”

“CEO Jamie Dimon tried to quiet the storm at JPMorgan Chase & Co.’s annual shareholders’ meeting Tuesday, just days after he called the bank’s actions “stupid” and “sloppy” in a TV interview and the bank announced that chief investment officer Ina Drew, whose London office orchestrated the costly trades, would resign.”

…

“‘That’s what the law calls for, and that’s what the reckless activities of Wall Street in 2008 require,’ said Dennis Kelleher, president and CEO of Better Markets, a nonprofit that says it promotes the public interest in financial-market debates.”

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Read full Philly Business story here.