Summary: JPMorgan Chase’s CEO Jamie Dimon called concerns about a massive trading bet a “tempest in a teapot” last month. Now that it’s cost the bank more than $2 billion and counting, Dimon has admitted he was “dead wrong” to have made that statement. Some shareholders, however, say he was worse than wrong; he was deceptive. And they’re suing. The question of culpability hinges on where the legal line is draw, and how much bluster is too much. Plus: As Facebook goes public, it will set a record with a valuation of $100 billion. A look at whether being Facebook’s friend is worth it. And Rana Foroohar with Time and Joe Nocera with The New York Times run down what they’re watching to make news in the weeks ahead.
