The whole thing about subprime mortgages and how jp was slow to get in isn't entirely accurate. I mean I guess it could have been the actual reason since there's always a disconnect between management and the ones actually doing the work, but the structured credit team at jp Morgan was acutely aware at the time how the whole cdo business was going out of control. This was because they were also the team who invented the cds and knew the whole cdo business made 0 sense and active chose to refrain. It's documented very well in the book "fools gold" which is a pretty good read.