The Wall Street Journal reports that there was a conscious decision to increase the amount of risky bets:
Inside J.P. Morgan's Blunder
CEO Dimon Blessed the Concept Behind Disastrous Trades; 'Blood in the Water'
BY MONICA LANGLEY
Updated May 18, 2012, 10:11 a.m. ET
Wall Street Journal
In recent years, some of the group's trading morphed into what essentially amounted to big directional bets, and its profits and clout grew. Last year, Mr. Macris dropped risk-control caps that had required traders to exit positions when their losses exceeded $20 million. Ms. Drew and Mr. Macris declined to comment.
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