Jamie Dimon, as an iconic biography describes him, was the "Last Man Standing." JPMorgan Chase & Co.'s bargain buyouts of a busted Bear Stearns and a failed Washington Mutual made the global bank and its CEO the undisputed white-knight victors emerging from the 2008 financial crisis.

But two University of Chicago Booth School of Business economists make an interesting, and very contrary, point in a new research report. Instead of capitalizing on the market fray last year, JPMorgan and its shareholders actually lost $33.6 billion of market value when the Treasury Department bailed out the banking industry.

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