One wonders if that comment comes as a surprise to Ina Drew, JPMorgan's chief investment officer, who oversaw bank's trading position and who, at this point, is the highest profile casualty from the trading debacle. As with Dimon, those on Wall Street have nothing but praise for Drew, a 30-year veteran at JPMorgan who has been a champion for women in a male-dominated sector and who, as Dimon himself said, should not have her "vast contributions to the company" overshadowed by recent losses. While contributions were not enough to save her, Dimon's efforts appear to have saved him - for now. Still, investors were right to question at what point is it appropriate for the chief to fall on his sword? Yahoo view

Take Yahoo's ousted chief executive Scott Thompson for instance. Earlier last week the flailing internet company was happy to support Thompson despite a bogus computer science degree appearing on his resume. Recruitment company Heidrick and Struggles pushed back against Thompson's claim that the firm must have inserted the line without his knowledge. It showed documents it had received from Thompson showing the inaccurate credentials which blew holes in his defence and subsequently his credibility. By the weekend Yahoo directors had changed their view on Thompson's tenure and fired its chief executive of just four months without severance. Dimon's forthright and relatively swift admission that JPMorgan had made a "terrible, egregious mistake" in dismissing concerns last month about the bank's trading position seems to have saved him from suffering the same fate as Thompson. Many also argue that his nous during the financial crisis where he avoided the type of mortgage bonds that sent his competitors under have earned him a second chance.

President Barack Obama also leapt to his defense this week on US panel show "The View" by describing JPMorgan "one of the best-managed banks there is" and Dimon as "one of the smartest bankers we've got." But what happens if, as rumoured, JPMorgan's trading position sees the loss blow out to $US3 billion or $US4 billion? Reverend Seamus Finn, speaking on behalf of shareholders from the Catholic organisation Missionary Oblates of Mary Immaculate, said at the annual meeting that JPMorgan investors had heard Dimon's apologies before. "We heard the same refrain: 'We have learned from our mistakes. This will never be allowed to happen again'," Finn said. "I can't help wondering if you are listening." The 60 per cent of shareholders who voted in favour of Dimon retaining his chairman's position certainly believe he is the best person to lead them through the crisis. Maybe, as one shareholder put it, "looking for an infallible CEO is a fool's errand."

Protesters at the annual meeting who reportedly threw eggs at a picture of Dimon would beg to differ. Loading Perhaps Dimon should do as US President Harry Truman did and have "the buck stops here" motto positioned on his desk. As he works to restore his battered reputation and that of America's largest bank it may give him pause to think about what those words actually mean. With AP