One of the problems with how financial institutions assess risk is that they rely on imprecise models.  Financial News'  Shanny Basar reports that in fact, just a few days before JP Morgan announced its multi-billion dollar trading loss, James Montier,a member of the asset allocation team at fund manager GMO, gave a speech on The Flaws of Finance. In the speech, delivered on May 6 at the 65th Annual CFA Ins ...