U.S. federal investigators are looking at whether Iksil, who was fired in July, and his superiors deliberately mismarked the value of some of the trading positions to try to cover up the losses. JPMorgan is also conducting an internal probe.

In addition to which, one imagines that these folks have indemnification clauses for just this sort of thing—that thing being losing $5.8 billion and possibly lying about it along the way. On one hand, that's of little consequence. If Mr. Iksil can't afford the best of counsel, he hardly deserves his nicknames; His legal fees, meanwhile, however aggressively billed, won't amount to more than a rounding error on $5.8 billion.

Still, it's worth a giggle to think of Mr. Iksil sending JPMorgan the bill for not one, not two, but three separate counsels.