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
Of course not. It's a huge rip-off. Nobody is worth $23 million per year. N-O-B-O-D-Y.
23 million is chump change to a company that just lost 2 billion and will probably make over 4 billion in profit this year AND has over a trillion in assets.
Does ANYONE deserve $23M...????
No, I think he should be made to work in a convenience store for a year. Maybe he would learn something. He certainly provides no services to Chase or its shareholders or depositors.
No different than what "We, the People" keep doing election after election. "We, the People" continue to reward those unscrupulous persons who run this country by voting them back in, allowing them to become wealthy by sucking up all that Special Interest Money that's out there. 95% of our Leadership in washington are Millionaires & Billionaires.
Sad but true. The United States of America is no longer "One Nation Under God" as the Pledge of Allegiance states.
The objective person cannot draw a conclusion without personally knowing Dimon, his qualifications, and what he's brought to his company. The jealous people will certainly deem him overpaid but wouldn't think twice about taking that sort of compensation if they had a similar job function.
Can this get any worse? I mean really? When do we do something, and what is it that we do? I vote, so do not tell me that is my only choice. There has to be a way to stop the madness!
No one person is worth $23 million a year even if they could turn water into wine.........not to mention the fact that they lost the wine on a stupid gamble.
Good one LOL
He only deserves 22 million.
I deserve 23 million.
As Bob Dylan puts it ... "Steal a little and they throw you in jail, Steal a lot and they make you king"
So this guy loses a company $2 Billion and receives $23 Million for doing so? I tell you waht, for $10 Million, I'll lose you only $1 Billion...deal?
Let your money speak for you. Stop investing! Pull your money from the companies who don't treat your money with respect it deserves. We don't need laws or reform for that! YOU are in control. Eventually, companies will get the message when no one wants to invest in them.
HELL NO. NONE OF THE CEO's DESERVE THAT MUCH MONEY FOR PUTTING OUR MONIES AND BANKING SYSTEM AT RISK. WHAT AN IDIOT!!
idiot it was their own money, not ours
No n oone is wirth that much. Since the big banks rip customers off, that is why I belong to Creit Unions.
In my opinion the pay packages of MOST of the bank CEO is very high. Customers and depositors of the bank can teach them lesson by removing the account and/or withdrawing money from these type of banks and moving to smaller community banks. I am not a customer of JPM and/or own any shares of it.
This blog – This Just In – will no longer be updated. Looking for the freshest news from CNN? Go to our ever-popular CNN.com homepage on your desktop or your mobile device, and join the party at @cnnbrk, the world's most-followed account for news.