Open Thread: Does JPMorgan CEO Dimon deserve $23 million?
Jamie Dimon is the chief executive officer of JPMorgan Chase.
May 15th, 2012
10:03 AM ET

Open Thread: Does JPMorgan CEO Dimon deserve $23 million?

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

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Filed under: Business • Economy • Finance
soundoff (871 Responses)
  1. PEDO BEAR

    No, but I do. Now, show me the money! 😛

    May 15, 2012 at 10:07 am | Report abuse |
    • Jack O

      It is highly likely that the vote was settled days ago because most of the shareholder votes had to be in to the company long before the $Two Billion loss was announced.

      May 15, 2012 at 11:30 am | Report abuse |
  2. Tone

    The question is a joke, right? 2 Billion lost and he wants how much? It should ne a crime.

    May 15, 2012 at 10:08 am | Report abuse |
  3. saywhat

    JP Morgan "made terrible mistake," we are learning" blah, blah. Let me just have my pay package -CEO.

    May 15, 2012 at 10:11 am | Report abuse |
  4. Missparsnipsy

    Why did we not get bailed out? Why the banks? They took the money and have continued to conspire to get more out of the consumer. Why the imense GREED? If the american public had been "bailed out" the economy would be in better shape. Some would get back into trouble financially and would have had a chance. I think most of us would have paid our mortgages off and would be able to purchase and stimulate the economy.
    No he is not worth 23 million!

    May 15, 2012 at 10:41 am | Report abuse |
    • Tone

      I agree... the bail out money should go to the people who were victims. Not greedy corporations with executives who will do anything to make their millions. It is criminal to say the least.

      May 15, 2012 at 11:36 am | Report abuse |
  5. Connie

    If I lost a significant customer at my job, or any significant amount of revenue I would be let go with. Period. If the shareholders approve this they are voting that these kinds of trades are how they want Chase to operate and are happy with the 2 billion loss.. It happened on his watch, he should be held accountable. Shame on the shareholders if this gets approved. Chase came out smelling like a rose in 2009, WaMu was handed to them for a song by the feds and thousand of WaMu employees lost their jobs and retirement. Shareholders lost everything. Stand up to this arrogance by Dimon, vote NO.

    May 15, 2012 at 10:54 am | Report abuse |
  6. Pete

    2 billion dollars lost?How the hell to you lose that amount of moola ,whoops,had different pants on last night ,hey honey!, have ya been in my pants pockets again looking for lunch money for the kids.It must of been that tip at the diner last night,ya that's it,it was great,and that gal that sat us down,what a babe!!!!How much gas did Pedro put in the limo,what does he think I am,a freakin millionaire or something,its like $4 a gallon,geez,what a rip off!!!Hey,babe,how much was my haircut,I hope it wasn't onna those $400 Roberts one,I got screwed and didn't get kissed,O well!!!Easy come,easy go,they'll never miss it,I didn't!!!

    May 15, 2012 at 10:55 am | Report abuse |
  7. Bob

    Simply obscene.

    May 15, 2012 at 11:03 am | Report abuse |
  8. fernace

    I've always thought of the stock market as high stakes, government regulated gambling! Or maybe not so regulated, as we've learned in recent years! It only stands to reason that when your job includes gambling w/large amounts of other peoples $$, that not only makes both you & them rich, but also plays a large part in keeping the national & global economies stable, there has to be governmental oversight, not just inhouse checks & balances! I'm no biz wiz, but a loss of $2 billion, which has already cost the CFO his job, deserves more than an appology, a contrived explanation & quips about needing less regulations & more room to play fast & loose w/other peoples $$$! I couldn't tell my boss I had lost $20 w/out it being taken out of my paycheck or having to work extra hours! This guy deserves equal punishment! Stock holders should hit him where he lives, his salary! How they do it is up to them!!

    May 15, 2012 at 11:09 am | Report abuse |
  9. L Tutt

    This whole story about Chase Bank is a "Big Ass Joke", these CIO and CEO make millions of dollars for the bank the share holders and themselves and in the end the consumer will pay for the 2billions dollars lost, it's the America way.

    May 15, 2012 at 11:17 am | Report abuse |
  10. Patti Bennett

    Absolutely not!! No one deserves a 23 million dollar package, let alone someone who has just lost shareholders millions. He shouldn't even have his job let alone a ridiculous amount of money like that.

    May 15, 2012 at 11:27 am | Report abuse |
  11. seconddavid

    So this guy, who is in charge of 55 billion dollars in cash on a daily basis makes less than 6 professional baseball players will this year, and only slightly more than 5 others. Yes, obviously he is overpaid.

    May 15, 2012 at 11:31 am | Report abuse |
  12. Mayhem

    Simple answer–Hell NO!
    Complex answer–H to the izzo, E to the double LL NO! Unless you have the secret to bringing back the dead, curing cancer, eliminating drought, ending world hunger, you have done nothing to deserve $23 million annually. That is somewhere around $63,000 a day. That's more than most American's make per year. Obscene for lack of a better word.

    May 15, 2012 at 11:31 am | Report abuse |
    • seconddavid

      And yet six baseball players make more than that this year. One of them is a pitcher who only has to work every fifth day during 8 months of the year. Haven't seen OWS at a baseball game recently.

      May 15, 2012 at 11:32 am | Report abuse |
  13. BADGUY

    NO CEO of a public company should make more than $500,000 total...PERIOD. No human being is WORTH more than that. CEO's that make MORE than $500,000 and the board members that approve their pay ARE STEALING PROFIT FROM THEIR STOCK HOLDERS! Companies that pay more should be banned from selling stock on ANY market. Why should we let scam artists bilk profits from unsuspecting stock buyers who are paying to be OWNER'S of the company.

    May 15, 2012 at 11:33 am | Report abuse |
  14. jojo

    The gap widens between the have and have nots. Most of us can't imagine dealing with these kinds of dollars, and we're held to a much higher standard w our employers - losing a $100 would be a big deal. Why should these guys have entirely different rules. What's going to happen in 2-5 years if this continues and the gap widens? If 99 people are broke and struggling to just get by, and 1 lives in a mansion on the hill - how long before those 99 just take the mansion? Sure it will be a long time, if ever, that this country has a revolution in the traditional sense of the word. But when the have-nots have nothing less to lose and little to gain by participating in the system, then what?

    May 15, 2012 at 11:34 am | Report abuse |
  15. independent

    In this world of unemployment, layoffs, furloughs, no hiring, empty pensions, attacks on organized labor, government program cuts, preferential tax treatment for the wealthy and well-connected, No one deserves $23 million. No one.

    May 15, 2012 at 11:34 am | Report abuse |
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