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. Mike Clark

    So let me get this straight, he's the CEO, and the bank lost 2 billion on his watch and in the last two years they are negative 14 % on returns. On top of this, the board approves his pay package. Based on his own admission he has no excuse. He should be forced to resign with the rest of them. He's their boss and unltimately responsible. Pay should be based on performance, where's the incentive to do a good job. Appears the board is full of fools also. Replace them too!!!

    May 15, 2012 at 12:19 pm | Report abuse |
    • Retired Army

      Truth!

      May 15, 2012 at 12:21 pm | Report abuse |
  2. Retired Army

    He should've been sent packing......and told that his severence pay was part of the $2 billion that his division lost.....

    May 15, 2012 at 12:19 pm | Report abuse |
  3. Carl Bausch

    Many people–police, fire fighters, and teachers, among others–do so much more for the country than this over-paid dud; our system of values needs to be reconsidered.

    May 15, 2012 at 12:19 pm | Report abuse |
  4. outraged

    Are you serious? We bail them out, they loss 2 billion and he gets a 23 billion dollar package. I don't care how much money they made last year...what decision during a day deserves that kind of money. Did he cure cancer, save a life..please. This is exactly what is wrong with the United States.

    May 15, 2012 at 12:19 pm | Report abuse |
    • John

      Not defending him, bu his bank was not bailed out.

      May 15, 2012 at 12:23 pm | Report abuse |
    • Hugh Man

      THANK YOU!! WHY ARE WE STRUGGLING IN THIS COUNTRY? BECAUSE OF SLIME LIKE THIS, TARP SHOULD HAVE BEEN DISTRIBUTED TO EACH HOUSEHOLD EVENLY! THE AMERICAN PEOPLE WOULD HAVE REVIVED THE ECONOMY JUST WITH THE PURCHASES THAT WE HAVE NOT MADE IN THE LAST 10 YEARS BECAUSE WE ARE SO DAHM BROKE!

      WHAT THE HELL!!!

      May 15, 2012 at 12:23 pm | Report abuse |
    • myohmy

      Really just how much do these people think they are worth...............0 nil nada!

      May 15, 2012 at 12:27 pm | Report abuse |
    • Also outraged

      I share your sentiments exactly.

      May 15, 2012 at 12:28 pm | Report abuse |
  5. ridge william

    No he doesn't but why not put it to binding vote of the shareholders? It was their income he diminished.

    May 15, 2012 at 12:19 pm | Report abuse |
  6. kram60

    Sure, he really deserves $88,000 a day because he is worth so much more than you and I. Who says we don't have royalty in the U.S.?

    May 15, 2012 at 12:19 pm | Report abuse |
  7. Jake

    If I lost $2,300 at work I'd lose my job without severence. And some folks out there say that the system is fair so quit complaining about the inequity and just work harder. Problem is the middle-class are the folks that protect our borders...and provide security for the transport of goods the wealthy use; the middle-class sacrafice their lives in fighting wars to protect our sovereinty....and provide access to resources the wealthy can exploit and stability to regions the wealthy have investments in; the middle-class provide law enforcement, sewer, water, and road maintenance, emergency services and fire protection so we can all be safe and get to work....and provide the wealthy security for their goods and services and avenues to transport those materials that made them wealthy to begin with. Yes, like the middle-class and poor, some wealthy don't pay taxes and some do. However, when the wealthy pay their taxes, it's a larger amount compared to the middle-class. But when the wealthy mess up they get a large severence pay and bail out from the middle-class. Meanwhile, the middle-class and poor don't pay taxes it's because they're pretty much need every cent of it to survive. Sure the middle-class don't pay as large of an amount as the wealthy, but it's a larger proportion of their incomes and has a larger impact on their quality of life compared to the wealthy. The wealthy sacrafice for this country a larger tax payment, the middle-class and poor sacrifice for this country their lives everytime they go to war and/or run into a building on fire and etc. The wealthy provide jobs while the middle-class give back the money the wealthy pay them for wages everytime they purchase goods and services. You'd think the very least the wealthy can do is just inch up the tax rate to back in the 90's, you know, when the economy was humming along, by a measly 2%. But some say it's too much...we need to make more cuts and make those poor and middle-class pay instead by cutting the very things that have propped up the middle-class and provided a holding spot for the poor to move into the middle-class....because when the poor or middle-class can't fathom the concept of making more from getting fired than working...and that's the way it should be, right?

    May 15, 2012 at 12:20 pm | Report abuse |
  8. Adam

    Paying people large sums of money that contribute nothing to our society, this is what is hampering this country. We are not investing in our infrastructure, our schools, and politicians are doing everything they can to break the backs of working people! They want to get rid of the EPA and at the same time only allow you a $1 settlement when your well water poisons your whole family because the utility company 1/2 a mile away is pumping toxic chemicals into the water table and you have to sue. But that same company, thanks to the Supreme Court, is now shelling out untold millions into the coffers of politicians who refuse to do anything because they're being paid to not only look the other way, but pave the way to keep this cycle going. Break the banks, add term limits, and bring back campaign finance reform. I know, I am living in Fantasy Land, but how sad is that?

    May 15, 2012 at 12:20 pm | Report abuse |
  9. Sam

    The chances are, if you are a Republican, your comment above would be, this is how capitalism works yadi yadi yada...Since I am not one, I say, HECK NO! give him the boot!

    May 15, 2012 at 12:20 pm | Report abuse |
  10. LynnieB

    NO!! There is nothing any person can do that is worth $23M!! I don't care if he's bringing gold in by the boatload, or losing taxpayers' money....not worth the paycheck, and not worth those bonuses!!
    We need to use that cash to cover poor judgement investments, not the other way around!!

    May 15, 2012 at 12:20 pm | Report abuse |
  11. Audrey

    Are you kidding???? What he deserves is a bright pink slip. Pronto! These people act as though they are
    above and beyond any manner of misbehavior! Get rid of him. There are no words in my vocabulary strong
    enough to describe how I feel about he and his ilk.

    May 15, 2012 at 12:20 pm | Report abuse |
  12. hillman

    he needs to be thrown in prison

    May 15, 2012 at 12:20 pm | Report abuse |
  13. rickp530

    Want to take a guess as to who will pay the 2 billion dollar loss back. Their customers. If I was a customer, I would change banks to show that rewards should not be handed out when a 2 billion dollar loss happens.

    May 15, 2012 at 12:20 pm | Report abuse |
  14. Chris R.

    Your kidding right? I don't get a raise or bonus for poor performance, why should he. I would laugh at him if I was on the board and he was requesting a 23mil bonus. What have you done for us lately? Oh wait, we lost 2bil. No, no bonus for you this year. That is the problem with todays big companys. They still pay out for poor performance. Are they going to give out bonus to the lower employees as well....? Hey, we all screwed around this year and lost 2bil but we still expect a bonus. lol................................

    May 15, 2012 at 12:21 pm | Report abuse |
  15. 1nd3p3n3nt

    the outrage has very little to do about losses and much, much more to do about HOW the losses happened. Their division in charge of risk management lost this money due to credit default swaps! do you guys remember the term 'credit default swap?" it was only three years ago that the practice lead to a world-wide recession and possible collapse of the EU. They're still feeling it! and here they are doing the same thing over again!

    May 15, 2012 at 12:21 pm | Report abuse |
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