Kweku Adoboli, the “rogue trader” who cost UBS billions of dollars with a bad trade in 2011, has been found guilty by a British court on two counts of fraud, while being acquitted on four other counts of false accounting.

It turns out that JPMorgan Chase had a risk oversight committee on its board of directors. There were individual risk managers at the various offices as well, but this board was designed to provide oversight for the entire operation. Or, if you prefer, it was designed to pretend to show that JPMorgan Chase cared about risk oversight. That’s clear from who they put on the board.