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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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No one deserves 23 million. Ina Drew lost her job, Dimon should lose his as well.
There is not a human being alive that can do ANYTHING worthy of getting paid $88 grand a day! It is obscene.
$23M? How about a pink slip effective immediately? The American people are tired of this nonsense. These guys are playing not only with the health of their company but with the global economy. Since 2008 we've all suffered as a result, EXCEPT the people who caused the problem to begin with. Enough is enough. If the companies won't police themselves then we have no other option but to closely regulate them. This where capitalism becomes greed. And, no, greed is NOT good.
When the CEOs do well they get paid crazy amounts of money. When they screw up they still get paid. Then we hear the shareholds approved his package. Who controls the voting majority? All his buddies who he will not forget when it comes time to hand out bonuses. The game is fixed by those in the circle. Shame on them and shame on us for letting this happen!
This is a clear signal to NOT do business with JP Morgan and to make sure that your 401K, ROTH, etc. DOES NOT have any investments connected with JPMorgan.
No CEO of a public company should make near that kind of money, that money should be spread across the company to pay their employees who work 12-16 hour days. Workers who today have to work even harder for damage control over the mess that should not have happened.
Nobody is worth that much. If he get $23M in a bad year what does he receive in a good year?
Simple answer: Nope!!
If Yahoo lets a CEO go for an "inaccurate" CV, then this guy needs to be axed.
Don't we always hear that leaders and CEOs take the big risk and therefore deserve the big bonuses?
Well, then Dimon must pack his bag and take responsibility for very bad management and oversight.
Are you kidding. What kind of stupid question is that. No one freaking deserves that kind of money. When people hear what he makes it just erks them to the bone. Doctors that saves lives get paid a fraction ot that. Has he saved anyones life. No but I bet he's destroyed a few.
Your Right. I think I will resign as of today. I will donate my paid to the poor stock holders that lost all that money. I was to busy buying stuff on E-bay instead of doing my job correctly.
We screw up, we get fired with nothing. CEOs screw up, they leave on their own terms and get rich(er). Jealous of "success"? You're damn right.
Only in America can you lose 2 billion for your investors and still rake in the cash!
What is the incentive to do well then?.. This sure seems to be the only industry that rewards for incompetence.
This is unbelievable! If any salesman, plant manager, engineer or accountant did something to lose $20,000, $200,000 or $2M (and cause their manager to miss key bonus targets). THEY would lose their job and probably without severance!
"Look ma I lost $2 billion and they still gave me a pay raise!"
They already showed their CIO the door (essentially throwing her under the bus).
Wouldn't it be nice to have absolute zero accountability, absolute complete power and pretty much take what ever you want? This is what our Chief Executive Officers (and often chairman of the board) have command of.
Get rid of these buckets of slime!!!
HELL NO!!!!
Fire him, this is why the country is in a mess because we just let things slide