Mr. Lee.

Two giant JPMorgan profiles landed this week, and it was a familiar character who delivered some of the more memorable lines in each of them. James Bainbridge Lee Jr.—better, Jimmy—is the legendary deal maker this paper once described as "the maestro of the syndicated loan market, Wall Street’s most famous corporate bailout artist," now the vice chairman for investment banking at JPMorgan.

That position—and, we suppose, that he was willing to pick up the phone and go on record—made him a natural source for Vanity Fair's profile of Jamie Dimon, in which Mr. Lee offers the first (and last?) word on the JPMorgan chief executive ("[He] has moral courage running through his veins”); and also serves as a catalyst for the tidbit VF used to hype the story—in the middle of the hubbub over the London Whale, Mr. Lee asked New England Patriots quarterback to tell Mr. Dimon "to hang in there."Mr. Lee built his career at Chemical Bank, where he leveraged the bank's lending relationships to win investment banking business, became a key figure in the syndicated loans and eventually, leveraged buyouts. Along the way, he happened to work alongside a particularly competent young trader named Ina Drew—which is how Mr. Lee also wound up providing our favorite anecdote in Susan Dominus' 7,500-word New York Times Magazine write-around on JPMorgan's former chief investment officer (and the woman who presided over the $5.8 billion trading loss that led to Mr. Dimon's phone call with a Super Bowl MVP).

James Lee, who eventually became one of the biggest dealmakers on Wall Street, started out at Chemical Bank in New York sitting next to Ina Drew. He remembers talking to a client on the phone one day, trying to answer some questions about a deal the bank was proposing. “So I told the client what I thought, and I’m answering and answering, and I say, ‘So what do you think?’ ” Lee says. But there was no response. Lee looked at the phone and then looked around. Drew, a foot away, was in the middle of a different phone conversation, but her eyes were on him, and she was shaking her head back and forth — no, that’s not right — and waving her hand to show she had something in it: the phone jack. “She heard part of what I was saying, which was obviously incorrect,” Lee says. “She literally pulled the plug on me.”

(Eric Piermont/AFP/Getty Images)

Jamie Dimon is slated to testify on JPMorgan's recent $2.3 billion (and counting) in trading losses at a Senate Banking Committee hearing tomorrow, and his prepared remarks are getting around. It's banal stuff, and if you want to know just how banal, a good test would be to read Mr. Dimon's testimony against those freewheeling prose stylists at Bloomberg News, which published a 3,500-word takeout on JPMorgan's chief investment office losses last night.

Dimon: "In hindsight, CIO’s traders did not have the requisite understanding of the risks they took. When the positions began to experience losses in March and early April, they incorrectly concluded that those losses were the result of anomalous and temporary market movements, and therefore were likely to reverse themselves."

Bloomberg: "[JPMorgan risk manager Peter] Weiland compared efforts to reduce Iksil’s outsized position to the difficulty of trying to safely land a Boeing 747 without flying lessons, one executive said. The position was so large and illiquid, Weiland said he couldn’t get the plane below 35,000 feet, the executive said." [Weiland declined to comment.]

Dimon: "The risk limits for the synthetic credit portfolio should have been specific to the portfolio and much more granular, i.e., only allowing lower limits on each specific risk being taken."

Bloomberg: "So-called stop- loss limits, which were supposed to trigger an internal review or require a trader to immediately exit a position if losses grew too large, weren’t always enforced, the executives said."

Dimon: "Personnel in key control roles in CIO were in transition and risk control functions were generally ineffective in challenging the judgment of CIO’s trading personnel. Risk committee structures and processes in CIO were not as formal or robust as they should have been."

Bloomberg: "The position of chief risk officer inside the CIO was a revolving door, with at least five executives holding the job in six years, according to people familiar with the matter."

Dimon: "CIO, particularly the synthetic credit portfolio, should have gotten more scrutiny from both senior management and the firmwide risk control function."

Bloomberg: "Dimon treated the CIO differently from other JPMorgan departments, exempting it from the rigorous scrutiny he applied to risk management in the investment bank, according to two people who have worked at the highest executive levels of the firm and have direct knowledge of the matter."

So you know, here's hoping Mr. Dimon goes off-script.

Well, Mr. Coates has a book out this month, which makes him a natural guy to ask about JPMorgan's disclosures of $2.3 billion in trading losses. Which is what Bloomberg Businessweek did in the "Opening Remarks" to this week's issue: “We have to start thinking of management as leaning against these tendencies, stabilizing the biology,” Mr. Coates said.

Gail Collins had a not unrelated idea: "I cannot tell you what a relief it was when I discovered that the multibillion-dollar trading loss at JPMorgan was because of deer," she wrote in yesterday's New York Times, referring of course to the bout of Lyme disease that supposedly waylaid former-JPMorgan Chief Investment Officer Ina Drew and allowed Voldemort to storm Hogwarts Achilles Macris to increase his influence. (Mr. Macris managed Bruno Iksil, aka Whale, and reportedly pushed to increase the size of the losing strategy.) "Believe me, if you have advanced Lyme disease, you are not going to be able to keep a handle on a passel of frisky traders."

To which we would only add: The testosterone pills are in aisle 9.

Borrelia burgdorferi, the causative agent for Lyme disease. Credit: Centers for Disease Control and Prevention.

A bug in JPMorgan's chief investment office led to discord. A glitch in Nasdaq's system delayed Facebook's IPO. The next big insider trading trial opens today. And more, in today's Wall Street roundup.

Down-tick: The London and New York desks of JPMorgan's chief investment office had long been at odds, and shouting matches were common at routine conference calls. The problems began when executive Ina Drew contracted Lyme disease in 2010, Dealbook reports.

Irvin Goldman, the top risk monitor in JPMorgan's chief investment office, was fired by Cantor Fitzgerald in 2007 after Mr. Goldman attracted regulatory scrutiny for trading the same stocks in his personal accounts that he traded for a Cantor proprietary account. Mr. Goldman is brother-in-law to former JPMorgan chief risk officer Barry Zubrow.

Add the Commodity Futures Trading Commission, which regulates the U.S. derivatives industry, to the list of federal agencies investigating JPMorgan's recent losses.

Jamie Dimon will address investors at 9:30 a.m. today at the Deutsche Bank conference.

Face-bug: "This was not our finest hour," Nasdaq CEO Robert Greifeld said in a conference call this weekend, after software glitches at the exchange prevented Facebook shares from trading on time. Apparently, trade requests in the 5 milliseconds before shares were set to open tripped Nasdaq's systems, despite thousands of hours of testing.

It's going to be an interesting week for Facebook stock. As the shares flirted with the offering price of $38, lead underwriter Morgan Stanley issued buy orders to support the price of the stock. Whether shares sink below $38 this week will depend on how much firepower Morgan Stanley has left, Reuters reports.

Mark Zuckerberg and longtime girlfriend Priscilla Chan tied the knot this weekend. In spite of the disappointing IPO, we guess the couple was feeling financially secure.

Inside job? Former McKinsey boss and Goldman Sachs director Rajat Gupta stands trial today, charged with sharing corporate secrets with Raj Rajaratnam, the Galleon Group manager serving an 11-year prison sentence after being convicted of insider trading last year. Mr. Gupta's lawyer said the government has the wrong guy, and is expected to shift blame in Goldman's direction; Lloyd Blankfein, Gary Cohn and David Viniar are among the Goldmanites who may be called to testify.

Slo-mo run? After Greek depositors withdrew 700 million euros in a single day last week, central bankers confronted fears of a region-wide run on the banks. The scenario: In the event of a Grexit, regulators would prevent Greeks from moving funds out of the country. Savers in Portugal, say, or Spain, might see the writing on the wall and start emptying accounts, less they get stuck holding a bag of devaluing pesetas.

Back to business: The week-long controversy that lead to the ouster of Yahoo chief resume fudger Scott Thompson didn't prevent the company from moving on with a major deal. Yahoo will sell one half of its stake in Alibaba back to the Chinese Internet company for about $7.1 billion. Yahoo is expected to use the windfall to buy back shares.

Managing Assets: Barclays intends to sell its entire $6.1 billion stake in BlackRock as the lender attempts to boost return on equity. BlackRock will buy back a $1 billion stake.

Big data: Reuters spends some time with Winton Capital's David Harding and finds that broader and less traditional data are crucial weapons in the race for algorithmic supremacy.

Start your engines: Formula One was approved for a Singapore IPO. The auto-racing circuit will start pre-marketing the offering tomorrow, and may raise as much as $3 billion.

For one thing, no stranger to financial catastrophe: A trader at Long-Term Capital Management, the hedge fund rescued by the Fed following spectacular losses in the Russian financial crisis in 1998, and an earlyish doubter of one Bernard Madoff. (According to Madoff trustee Irving H. Picard, in 2007 Zames warned John Hogan, then the chief risk officer for JPMorgan's investment bank, that Madoff may have been running a Ponzi scheme, though the executives didn't alert regulators.)

Zames came to JPMorgan in 2004 to run trading in Treasuries, agency bonds, interest-rate swaps and options, according to Bloomberg, and was tapped to head fixed income when Jes Staley took over the lender's investment-banking operations in 2009.

That same year, Zames was named chairman of the Treasury Borrowing Advisory Committee, a 14-member panel of finance professionals that meets quarterly with the Treasury to provide market perspective and advice on the government's debt management issues, and in which capacity he authored along letter to Tim Geithner on the importance of raising the debt-ceiling last summer post haste.

Said Jamie Dimon: "Matt Zames is a world-class risk manager and executive—highly regarded for his judgment and integrity."

[DON EMMERT/AFP/Getty Images]

Blow back: Jamie Dimon went on Meet the Press and said JPMorgan was "dead wrong" to dismiss early stories of the massive position in credit derivatives accumulated by the bank's chief investment office and the trader nicknamed the London whale. “We got very defensive, and people started justifying everything we did,” Dimon said.

Ina Drew, the JPMorgan executive who loves crisis, is expected to resign today after the bank lost more than $2 billion on a credit derivatives trade she oversaw. Achilles Macris, the executive who oversaw the London-based operation that placed the trades, and trader Javier Marin-Artajo, are also on their way out, the Wall Street Journal reports.

It appears the chief investment office's entire London operation could be dismissed.

Cover up: Who knows what would have happened if Yahoo CEO Scott Thompson had come clean about his resume from the start—in the end it was Mr. Thompson's lie about how the gratuitous degree in computer science first appeared that led to the executive's resignation.

Yahoo named Ross B. Levinsohn—its head of global media and the former News Corp. exec who presided over that company's $580 million takeover of MySpace—as interim CEO.

Meanwhile, Third Point Capital, which led the call for Mr. Thompson's resignation, will end its proxy fight after Yahoo agreed to give the hedge fund three seats on its board of directors, including one to Third Point founder Dan Loeb.

Love letter:  Noster Capital, a London-based hedge fund that owns a small stake in Chesapeake Energy, is calling on CEO Aubrey McClendon to step down. Noster cited more than $1 billion in personal loans secured by Mr. McCLendon's stake in Chesapeake wells, the recent disclosure of off-balance sheet liabilities and...the catering in a letter signed by founder Pedro de Noronha.

Activist investor Carl Icahn, meanwhile, is expected to disclose that he has taken a large stake in Chesapeake.

Filing looms: The board of directors for Residential Capital, the mortgage unit at Ally Financial, is on the verge of filing Chapter 11 bankruptcy. Fortress Investment Group is expected to bid $2.4 billion for the majority of ResCap's assets when the long awaited filing goes through, while the Times lists hedge fund Elliot Management as among the Ally investors that oppose an asset sale.

Filing looms, too: LightSquared executives spent the weekend prepping for bankruptcy court, after negotiations with lenders stalled. LightSquared, the wireless venture backed by Phil Falcone's Harbinger Capital, has until 5 p.m. today to reach an agreement with lenders.

Greek re-vote: Alexis Tsipras, the Syriza party leader who would tear up the rescue plan struck with the European Union, is poised to finish first in the next round of Greek elections, raising the specter of a messy eurozone divorce.

Sales call: Avon is considering a $10.7 billion takeover offer from rival Coty, after rebuffing previous advances.

[DON EMMERT/AFP/Getty Images]

Jamie Dimon

JPMorgan's massive, "flawed complex, poorly reviewed" $2 billion-losing hedging strategy announced by Jamie Dimon on May 10 has sent one exec head rolling: chief investment officer Ina R. Drew will resign "as early as Monday," according to the Times. Ms. Drew has been among the bank's most well-paid officers and one of the most high-profile women on Wall Street. The Times reports Ms. Drew has been trying to leave for weeks:

Ms. Drew, a 55-year-old banker who has worked at the company for three decades and serves as chief investment officer, had repeatedly offered to resign since the scale of the loss became apparent in late April, but Mr. Dimon had held off until now on accepting it, several JPMorgan Chase executives said.

Mr. Dimon has long relied on Ms. Drew but the scale of the loss announced last Thursday made it clear there would be some sort of reckoning for JPMorgan execs. Officials tell the Times to expect trader resignations as well.

A profile of Ms. Drew published in 1993 was often linked after Mr. Dimon announced the loss mid-week and that's probably appropriate, considering the first line may seem ironic at this point: "Ina R. Drew loves crises."