NEW YORK (TheStreet) -- In wondering whether or not to make an investment case for JPMorgan Chase (JPM), I'm reminded of something Warren Buffett said: "It takes 20 years to build a reputation and five seconds to ruin it. If you think about that, you'll do things differently."I think this is exceptionally true for JPMorgan. It is fair to say there is a considerable amount of regret from its management, in particular from CEO Jamie Dimon. The company earned Wall Street's respect for managing the credit crisis much better than its peers including Bank of America ( BAC) and Citigroup ( C). Then, suddenly, it all evaporated and its "cleaner bank" image was gone. Since early April the stock has lost almost 25% of its value after reports surfaced the company had a huge credit-derivative loss. However, earlier this month the bank said the poor trade had actually reached loss levels of almost $6 billion this year, with a chance of possibly reaching $7.5 billion when it is all said and done. The company's (initial) announcement of a $2 billion loss, coupled with the ongoing fiscal concerns of Europe, demonstrate how banks were caught in the cliché of "one step forward, two steps back." Unfortunately, the news arrived just when it appeared the financial sector was rebounding -- that, although investors had become less trusting of financial stocks, the market was prepared to offer a slight pardon for past indiscretions. However, to the company's credit, it has acted accordingly and management has cooperated as best it can to bring transparency to what was really a murky situation involving complex deals that required a accounting PhD to understand. But it does not change the poor timing of it all.