it is correct imo. the only way jp morgan would not be exposed to liability is if ulrich did something that was completely unrelated to the scope of his position. clearly in this case he was acting within the scope of his position albeit terribly. if ulrich went home and killed someone later that night then obviously it wouldn't be responsible because it was not on the job or within the foreseeable scope of his job duties.
"Don't worry about the world coming to an end today. It's already tomorrow in Australia"