volenspros - I'm pretty sure that's corect. If MU is deemed a sub agent of JPM, then it is a failure on the part of JPM to oversee or manage that sub-agent.
Similar to a real estate transgression, where failure of a Real Estate Broker to oversee the activities of agents working under his license could result in censure of that broker, regardless of his actual knowledge of the transgression of the (sub) agents.