In a recent 307 page senate report, $6.2 billion were gambled and shifted on the books at JP Morgan (Chase) bank.

The Dodd-Frank legislation was supposed to keep our system safe from the kinds of reckless banking activities that brought our economy to its knees in recent years.

I am appalled that these kind of callous and careless activities are allowed to proliferate at our financial institutions. As a teacher, our new standards as well as the old ones ask us to teach with “rigor” and “relevance.”

Well, perhaps it is time for the banking industry to also act with the same values in mind. Protecting the “bottom line” at all costs is not an effective practice, whether it is a school’s progress in testing data or a bank’s balance sheet.

The committee that brought this practice to light was headed up by Sen. Levin from Michigan. This is the second time since 2008 that the findings have been discovered. If one of our most predominant banks has utilized the practice of covering up losses, we can only imagine what goes on at smaller institutions.

Also responsible for uncovering the coverup was John McCain, who was also a part of the committee.  However, the ultimate responsibility lies with Michael Cavanagh, who was also a task force member and co-CEO of JP Morgan’s corporate and investment bank.

Trillions of dollars on balance sheets are being manipulated to hide trading losses. Vice Chairman Douglas Braunstein stated that compensation for top executives has been reduced. That is putting a Band-Aid on the problem.

Taxpayers should not have to bear the burden of corporations trying to look good to their investors and the public, all the while playing a hiding game with their true net worth.

Let us have some rigor in your pursuit of balanced systems, and stop feeding at the public trough.

Ellen Karnowski lives in Kelseyville, Calif.