Thinking Tomorrow will be like Yesterday can cost Billions!

I was thinking some more about the big loss at J.P.Morgan Chase. This weekend, I was reading an article in the New York Times, Discord at key JPMorgan Unit is Faulted in Loss.  In 2010, Ina Drew, who was the executive in charge of J.P. Morgan Chase’s Chief Investment Office (where the loses occurred) contracted Lyme’s disease. During this time, her department experienced inner turmoil that would normally be managed by her. This breakdown in relationships was a distraction that moved the group’s attention away from its normally successful practices.

During the time that Ms. Drew was working part-time, the CEO, Jamie Dimon, didn’t see the need to make any changes in the group’s management. After all, Ms. Drew had made billions in profits for the bank, and they weren’t causing any problems that needed his attention – except they were.

I find that every time I forget that the way things were in the past won’t necessarily be what happens in the future, I am setting myself up for a surprise. The past is not a reliable predictor of the future. Sure, we can learn from the past, but don’t be deceived into believing it’s an accurate picture of what’s next.

For starters the world system we are part of is too complex for this simplistic approach. More importantly though, this orientation conceals what’s happening right in front of our eyes. We miss the present moment and are tranquilized to boot.

Another reminder that you have to be present to win.

Author: Thomas White

Over the past thirty-five years, Thomas White has created and led private and public organizations that initiated breakthroughs in areas as diverse as computer software, publishing, printing, market research, leadership development and organizational change. The common ingredients in his success are simple. He looked beyond the limitations that others believed and found real solutions to needs that business leaders have. He attracted the best talent to translate these innovative solutions into practical products and services that were of high value to customers. He created cultures where people love what they do, work at their best and produce extraordinary results. In addition to his role as a business leader, Thomas has been a pioneer and inventor of technologies in the computer-networking field. He is a patent holder for innovations in business process and workflow technology. As part of his passion for educating others about the interface of human and computer systems, he was the co-author of “New Tools for New Times, The Workflow Paradigm”. He has also written articles for numerous publications. In 2001, he turned his attention from leading companies to supporting leadership teams in creating organizations of excellence. After many years of being a part of the machine of change, Thomas recognized that business is the most powerful force in the world. It has a major impact on public policy and governments everywhere. It is a key influence on how we use our resources and sets an example of the values that shape communities from local to global. He formed the consulting firm of Profoundly Simple to be a guide for exemplary leaders - leaders who wisely uses the power they are entrusted with to serve their constituencies first and themselves second; leaders who know that it is good business to treat people with respect, honor the environment and act with impeccable integrity – leaders who inspire greatness in those around them and by doing so create great organizations that are notable examples of success. Feeling the itch to get back into the game again, Thomas joined with two long time friends, to start the C-Suite Network. This network of business leaders offers an online network, events, services, and insights to its 500,000 member community. In addition, the C-Suite Network produces and distributes television and radio content to an audience of over 5M per month

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