Fatster’s news roundup from May 14, with links to stories on Europe, Scott Walker, Jamie Dimon, ICE, Cuba, Bahrain, Juan Cole, coal’s decline, health care, fishing, Mexican drug war, and more.

Three JPMorgan Chase executives will take the fall for the “Fail Whale” trades that have so far cost the firm $2 billion. But Bruno Iskil, the actual London Whale, so far still has a job, for some reason, as does Jamie Dimon, the CEO who has been on an apology tour for his lack of awareness of the trading losses.

In the wake of JPMorgan Chase’s $2 billion Fail Whale trade and the ensuing federal investigation into violations of disclosure laws, US Senate candidate Elizabeth Warren has called on JPM CEO Jamie Dimon to resign from his position on the board of the Federal Reserve Bank of New York. The announcement brings to light the fact that bank executives control most of the positions at the regional banks, and they select the Fed regional presidents that help to set monetary policy for the nation.

The Whale Trade fail shows that all banks are poised on the brink of disaster. When it happens, the government will pay, not the banks. So why shouldn’t Jamie Dimon’s operation try to make money betting with credit default swaps with someone else’s money?

Something has to change.

This was a week in which we got confirmation that Mitt Romney, the man who’s already shown himself to be mostly indifferent to suffering by the least of these, my brother, grew up as an intolerant bully, capable of harassing and physically assaulting humans he regarded as too meek. But never mind that; the folks at Liberty University oppose Mitt’s appearance, because his cult believes stuff their cult doesn’t, or vice versa.

If you can find another CEO answer a point-blank question about whether or not their company broke the law with, essentially, “I don’t know, the regulators should come in and find out,” you win a cookie.

The fallout from JPMorgan Chase’s “Fail Whale” trade (I’m trying to coin this phrase, so help me out, will you?) continues. But there’s been a thread in one section of the liberal blogosphere that has confounded me. For some reason, writers are trying to position this as a problem for Mitt Romney.

While wages and benefits for most American are either stagnant or slipping, compensation for corporate executives are rising rapidly, with major increases occurring over the last year. The recovery is not helping different major income groups equally.

The Volcker Rule limits the ability of giant banks to destroy the economy. Their tool lobbyists explain how bankers stand for Truth, Justice, and the American Way of making money with taxpayer guarantees.