????7月13日，摩根大通的邁克?卡瓦諾沒有理會一位分析師提出的有關交易員薪酬問題，但事實上究竟是什么促使交易員虛增利潤、甚至可能隱瞞損失，這個問題應該由董事會薪酬委員會來回答。在實施獎金遞延機制前，鑒于財務報告的嚴重不足和他們監督期間出現的一些問題，委員會不應等到2012年底再從首席執行官和首席財務官手中追回部分報酬。而且，薪酬委員會應當審查內部審計是否未能履行職責，以及這些人的報酬是否也應當部分追回。

????提名與治理委員會應當重新考量董事會的現有成員是否足以應對當前公司所面對的經營與訴訟挑戰。而且，它應當立即改寫董事會職責，全權負責首席執行官的更替。

下一步：分拆龐然大物

????完成痛苦的自查和清理后，摩根大通董事會應當啟動將其一分為二的進程。新聞集團（News Corp）在丑聞風波后也在采取類似的行動，這是明智的。

????就像分析師們指出的那樣，摩根大通已經大到難以管理。

????幸運的是摩根大通早就有兩個可以使用的名字：投資銀行用JP摩根（J.P. Morgan），商業銀行用大通（Chase）。

????對于摩根大通，這樣的分拆不會造成業務一強一弱的狀況。兩塊業務都有自身的優勢和挑戰。這樣的分拆能讓董事會更充分地考慮如何重塑自身，并為兩塊業務挑選出最好的管理者。

????首先分拆摩根大通也是順應歷史的舉動，因為當年正是戴蒙的導師威爾提議廢除“商業銀行與投資銀行分立的”格拉斯-斯蒂格爾法案（Glass-Steagall Act）。分拆摩根大通，可能使該法案恢復使用，為未來銀行分拆提供一個好的樣本。.

監管機構也需要改進

????威爾呼吁銀行分拆的同時，銀行和證券業監管機構也應當鼓勵銀行分拆。美國聯邦儲蓄保險公司（FDIC）應當采取行動，要求償付風險高的銀行支付更高的存款保險費。而且，監管機構應當重新評估它們缺乏直接溝通手段對市場可能造成的損害。雖然這些機構可能不愿公布調查細節，但也不應只限于在美國國會聽證會這樣少數有限的場合才向市場傳達它們的預期。監管機構應當將它們對銀行和上市公司的行為預期傳遞出去，讓投資者和客戶知曉自身的權利，同時也讓銀行知曉自身的義務。

????探討分拆情形時，分析人士和媒體應當牢記近來摩根大通的教訓，光看收益數據，不看數據后面的真相，這種做法弊大于利。

????摩根大通的種種問題帶來的一個機會是，我們不應僅限于解決具體的問題，而是要創立一套新的優秀管理標準。現在，事情還沒有到不可收拾的地步。

????本文作者埃莉諾?布洛克斯漢姆是董事會咨詢機構價值聯盟和企業管理管理聯盟（The Value Alliance and Corporate Governance Alliance）的CEO，公司網址http://thevaluealliance.com/。

????譯者：早稻米

????Although J.P. Morgan's Mike Cavanaugh brushed off one analyst's question about the traders'compensation on July 13, it's really the board compensation committee that should be addressing what may have motivated traders to goose earnings and potentially hide losses. Until it implements bonus deferral mechanisms, the committee should not be waiting for the end of 2012 to claw back pay from the CEO and CFO given the material weaknesses in financial reporting and the number of issues arising on their watch. And the committee should be reviewing whether internal audit failed to meet its responsibilities and whether pay should be clawed back there as well.

????The nomination and governance committee should be looking at whether the board has the right people in place to meet the tremendous operational and litigation challenges at the company. And it should be moving swiftly to re-write the board's mandate to take full charge of CEO succession.

Next up: Split the behemoth

????After taking a hard look in the mirror and cleaning its own house, the J.P. Morgan board should begin a process to split the bank in two. News Corp is taking a similar action in the wake of its scandals and it makes sense.

????The bank is too big to manage, as analysts pointed out.

????Lucky for J.P. Morgan it already has two names it can use: J.P. Morgan for the investment bank and Chase for the commercial bank franchises.

????At J.P. Morgan, such a split would not result in a weak business-strong business scenario. Both sides have their strengths and their challenges. The split would allow the board to consider more fully how to reconstitute itself and identify successors who would best be able to run the two separate entities.

MORE: Hostess is bankrupt ... again

????Splitting J.P. Morgan first would be fitting historically as well, since Dimon's mentor Weill provokedthe repeal of the Glass-Steagall Act, which mandated a separation between commercial and investment banks. Splitting J.P. Morgan could potentially spur the law's re-instatement while providing a great blueprint for future bank splits.

Regulators need to shape up as well

????Just as Weill has called for bank splits, bank and securities regulators should encourage break-ups of the banks as well. The FDIC should get moving on requiring higher depository insurance premiums for banks with risky pay. And regulators should reevaluate how their lack of forthright communication may be harming the markets. While these institutions may not want to share the details of investigations, their testimonies on Capitol Hill should not be one of a few limited venues for communicating their expectations to the market. Regulators should be communicating their expectations for bank and public company behavior so investors and customers understand their rights, and issuers understand their responsibilities.

????When looking at the split-up scenario, analysts and the media should take the recent lessons from J.P. Morgan to heart and realize that relying on earnings numbers without looking under the rug produces more harm than good.

????Out of J.P. Morgan's woes comes the opportunity to go beyond setting things right to creating a new standard of excellence along with banks that can be managed. All has not yet been lost.

????Eleanor Bloxham is CEO of The Value Alliance and Corporate Governance Alliance (http://thevaluealliance.com/), a board advisory firm.