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Regulation: The paper tiger roars

General Winfield Scott Hancock was shot and wounded during the Battle of Gettysburg after ignoring advice to get off his horse and away from the fighting.

His statue frowned down on Jamie Dimon, chief executive of JPMorgan Chase, last month as he walked to a meeting at the Department of Justice with Eric Holder, US attorney-general.

Like the general, Mr Dimon has always led from the front. Rather than leave it to the lawyers, he personally took up negotiations with Mr Holder that are set to end with the bank paying $13bn – a record penalty – to resolve allegations that it mis-sold mortgage securities in the run-up to the financial crisis.

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