While we were all distracted by our "first gay president"...

big things were happening at JPMorgan.

This is what Reuters has to say:

JPMorgan executives to leave over trading loss

(Reuters) - JPMorgan will move to limit the fallout from a shock trading loss that could reach $3 billion or more by parting company with three top executives involved in its costly failed hedging strategy, sources close to the matter said.

The bank - the biggest in the United States by assets - is expected to accept the resignation this week of Ina Drew, its New York-based chief investment officer and one of its highest-paid executives, in the next few days, the sources said.

Two of Drew's subordinates who were involved with the trades, London-based Achilles Macris and Javier Martin-Artajo, are also expected to be asked to leave, they said. Neither was available for comment on Monday.  more

What Reuters is not telling you is who's taking Ina Drew's place:

Ta Da!  That would be...

JPMORGAN CHASE SAYS ZAMES NAMED NEW CIO

According to Zero Hedge: 

Now... Matt Zames... Matt Zames... where have we heard that name before... 

OH YES: he just happens to be the Chairman of the Treasury Borrowing Advisory Committee, aka the TBAC, aka the Superommittee that Really Runs America. The Matt Zames who... "previously worked at hedge fund Long-Term Capital Management LP, may have benefited as the collapse of Lehman Brothers Holdings Inc. and JPMorgan’s takeover of Bear Stearns Cos. left companies and hedge funds with fewer trading partners in the private derivatives markets." In other words, the US Treasury is telegraphing it is now firmly behind JPM.  source

Ina Drew

The questions are:  What is this going to cost the taxpayers and will Ina Drew keep her bonuses?