Auditors of JPMorgan Should be Testifying Before Congress

It's Wednesday and it means Mr. Dimon goes to Washington.

JPMorgan Chase & Co. (NYSE:JPM)'s CEO is expected to apologize about the bank's mistakes to the Senate Banking Committee, blaming overconfidence, poor judgment and weak risk controls--just to name a few.

Other fingers have pointed at the bank's internal controls for the trading losses and interestingly enough this isn't the first time.

In 2010, concerns had been raised after the bank had been fined by the Financial Services Authority for 33 million pounds. It had been cited for the failure to...