Jamie Dimon, the CEO of the nation's largest bank, JPMorgan, went before before shareholders at the company's annual meeting Tuesday and had his $23 million pay package approved, CNNMoney.com reports.
The meeting came just days after the bank disclosed a $2 billion trading loss, an event that led to the departure of its chief investment officer and forced its CEO to apologize for what he called "a terrible mistake."
Dimon, who also serves as the bank's chairman, faced shareholders who have seen the company's stock decline by more than 14% over the previous five trading sessions.
In the wake of the 2008 financial crisis, shareholders have looked upon the nation's largest banks with increased scrutiny, and have often used shareholder meetings to push an agenda of reform.
Read about how JPMorgan made its multi-billion dollar blunder, and how Dimon gets $23 million for 2011 and bragging rights and then let us know in the comments section how you feel about the CEO's $23 million compensation package.
Do you think Dimon should get that kind of compensation? Does he deserve the pay considering how much his company profits or does a message need to be sent to major bank executives? Let us know below and we may feature your comments on CNN.com
People like him have destroyed our economy, foreclosures, suicides. May he meet with them soon.
what are you all whining about ? how do you think the 1 % make money ? earn it ??? give me a break, this guy is going to take all this money and create JOBS !!!
What the article doesnt tell you is that JP Morgan Chase is projected to earn about 4.5 billion this quarter. So when you are asking if he deserves the pay, I think he does. My biggest concern is that if an article is going to be written it should tell the full story, not just part of it so we can all make an informed judgement.
This is beyond any rationale sense. CEO's and other top execs earn in millions and they help run companies into ground. Shame on this CEO. Take all the money to your grave and shove it up your you know what. ...
Most inane question of the day. Congratulations, CNN.
so i guess the $23 million is the "screwover fee" in addition to the $2 billion that the shareholders just lost. talk about a kick to the groin. and for the shareholders that agreed for him to have the money.... i shake my head in shame. you get what you deserve. let that money come directly out of your pockets instead of everyone who opposed that.
Why do democrats cling to the belief that you need to reward incompetence ? The logic plum defeats me !
One thing it comes down to is that greedy people like this care about no one except themselves, they do not care about you, me , no one. It's people like this that should be fired and lose everything.
Yes, we need less regulation of these big firms. This poor CEO could have earned so much more without the shackles of big government. How will he feed his family with such meager earnings?
You can't possibly eat and drink that much. Just how can you find the time to spend that much money and on what?
He who has the most marbles when he dies, wins......
These boards need to stop rewarding bad behavior, especially at the expense of the share holders. After yesterday's increasing losses at JP Morgan, he should be FIRED!
what a joke you all are.........do you know that JP Morgan makes a significant profit.......even after this loss? Do you know how many billions the firm has made under his leadership? Do you understand the scope and scale of his management responsibilities? I would bet that not a single poster has a clue
Happy to see there are still some rational people out there!
So you had no problem with the CEO's of the big banks that got the government bailouts getting multi-million dollar bonuses ? Reward a man who drives a company into bankruptcy ! Yea, thats a democrats logic !
Firstly i would say Fair play to Jamie Dimon !!! He is there from 2007 and this is the first time stock decline by more than 14% !! off-course for this to happen i guess there would be so many players involved ! at the end of the day i think he just did his job !!! Most important thing is we failed in planning Nuclear Plant which can potential wipe everything on earth !!! so we cannot predict everything !!! Congrats Jamie Dimon !!! you are such a Optimist!!!
Why not give him 40 Million and put a few thousand more employees on welfare. All is good in the land of the rich CEO dictators. If Gaddafi is smarter than his people and deserves all their money, then Jamie Diamond is smarter than everyone else and deserves all their money.
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