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Could JPMorgan Losses Have Been Prevented?

As questions still remain as to how one of Wall Street's largest banks burned up a $2 billion loss from a trading error, those in the banking world wonder could it have been prevented?
Video provided by AP 
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Information
Source name: 
The Associated Press
Unique identifier: CP13515818 
Legacy Identifier: aaa51ef763354eca9f5432f45264f9b6 
Type: Video 
Duration: 2m39s 
Dimensions: 856px × 480px     35.31 MB 
Usage rights: Digital platform use only. Broadcast rights and editing of content prohibited. 
Create Date: 5/15/2012 2:37:00 AM 
Display aspect ratio: 107:60