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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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This article is inherently biased. He is the CEO of the largest bank in the world (outside of China). He didn't lose the 2B. And up until this bad misstep, he has successfully steered JPMorgan Chase through the terrible financial crisis, that cost and hurt so many other banks. Of course he deserves 23M. No question.
You an idiot. T.Smith
So why was Ina let go? I'm sure she had a lot to do with steering JPMorgan through the financial mess.
It is up the shareholders of the stock to determine what Dimon is worth. If they thought he was not worth it, they could have easily rejected the proposal.
Hell no this guy doesnt deserve that kind of money- Good Lord we bailed them out and he gets all the money, whats wrong with this picture ???????
The fact that anyone asks "If" this clown should lose his job is indicative of the systemic problem with the financial system. American corporate greed has become the norm and I do not like it. Big business owns the politicians and therefore nothing will ever truly get done about it. What a shame.
No one "deserves" $23 million.
If they can pay 23 million to someone who lost 2 billion they should be able to drop interst rates and fees on accounts(including credit cards) down to 5% or less and still make a profit. This goes to show you that no matter how much they whine they are making an exorbinant amount of money.
A better question would be: "Don't hard-working middle class employees deserve more than an average of $33,000 for all that they do for the country and for their overpaid, overstuffed bosses?"
gross negligence, and a fat paycheck? you represent your company, take some responsibility for those you choose to put into these positions. If it were me i would resign as ive made a HUGE mistake, you are responsible for your staffs decisions, take Enron for a good example! I think we should do more than just fire, i think a full investigation on all investments (not just this mistake) should be reviewed, as a checking and savings account holder, i am making no money off of what i hold in your bank, .2 cents every quarter, what a joke. I will soon show my appreciation of these mistakes by changing banks, all my chase credit card accounts were closed yesterday out of disgust.
NObody deserves that kind of money! What a joke!
2 Billion is nothing to laugh at and who should be held responsible, the CEO. It really is a Joke.
He definately falls in the 1% group. Who deserves that kind of money for compensation? We have got to come to some balance in a society where the middle class is shriking. With unemployment being what it is in the country, can you imagine how many people earning about $50000 the bank would employ if he gave up just even one quarter of his pay. Oh, but I forgot this is a capitalist country. We, however, profess especially for those conservatives that our country was founded on christian principles. So what happened to the old biblical saying, we are our brothers keepers?
Of course he doesn't deserve 23 million.
Romney got what, 42 million over two years for doing nothing, and all of these clowns begrudge paying their fair share of taxes to the country that allow them to make this kind of money.
I'm not a shareholder. It is none of my business what the guy has or doesn't have, and using the Govt (force) to take what he has away, or trying to legislate away private decisions seems a but unjust.
Is this a serious questions? Nobody should get paid that kind of money. Just think how MANY jobs can be created for that kind of money.
Absolutely ridiculous and the United States wonders why they are in the financial state that they are in!!!!!!! Get rid of all these CEOS no one is worth this kind of money!!!!!!
The board of directors that are all CEOs of these companies dictate how much the CEOs get. It is like Mafia, they all get around and divide up the territories and then say how much each will get in their back room board meetings. The shareholders, unless they have the majority, will always be left out and the stealing of profits from the sareholders will continue unless there is a HUGE sharehold uprising. Case in point Jamie Diamond's 23 million payout !