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. sogooden

    Again, a different set of rules for the rich. Any "mainstream" individual would have lost his job if they lost a fraction of that amount. What kind of information/secrets is this guy holding over the heads of the stockholders? It must be extreme for them to betray their consumers. But then again, JP Morgan will make up the money from the fees they charge their consumers.

    May 15, 2012 at 12:36 pm | Report abuse |
    • snakebite201

      Everyone acts like he stole someones money out of their savings account. This guy is probably responsible for billions of dollars in profitable investments. People who invest understand there are risks involved. As far as his pay package, that is up to the shareholders, not the government. Yes he made a bad call, any other banker probably would have made the same call. The hoopla about this is for political reason. More govenment intervention into everything. Compared to the Federal government, this guy's losses were "Chump Change".

      May 15, 2012 at 12:43 pm | Report abuse |
  2. little tusko

    That pay structure is indefensible and the tax rate he will pay is immoral!

    May 15, 2012 at 12:36 pm | Report abuse |
    • IreneNY

      I agree. Corporations seem to be calling the shots in every way – they are setting policy by writing legislation and handing it to the candidates whose campaigns they finance. They have written their own tax rules, lower taxes for them, higher taxes for us working class people. They keep the profits when things go good, they come to us working class people with their hands out when things go bad. They keep their oil profits but when they cause an ecological disaster we the working class people get to pay for the cleanup. Seems they have the best of all worlds, but then again, they write the rules. This is why the OWS movement was born.

      Now voters have a choice to make in November. One party wants to cut taxes for the 1% and cut programs for the poorest and most vulnerable among us. One party wants the 1% to pay the same taxes they paid under Clinton and cut corporate subsidies and the military budget so we fund education and social security and medicare. For me there is no choice. How about for you?

      May 15, 2012 at 12:54 pm | Report abuse |
  3. Coni Provine

    The only thing this guy deserves in a long stay in prison. When are we going to hold these crooks accountable for the mess that they have created with their gambling? He says that it should never of happened too little too late. If Dimon doesn't have the moral courage to resign then he should be fired and tried for crimes against this country,

    May 15, 2012 at 12:36 pm | Report abuse |
  4. Tom

    Most people get berated when they show up late for work...but these useless human being get a bonus or huge salaries for being morons. Wall Street and Bankers etc...is populated by the most unethical immoral people you can find. Basically it is unfair to Pigs to refer to them as igs.

    May 15, 2012 at 12:36 pm | Report abuse |
  5. CARDOPA1

    It is none of my business what he gets paid. It's up to the company and stockholders. They didn't pay him 23 million out of the goodness of their hearts. It's business.

    May 15, 2012 at 12:36 pm | Report abuse |
  6. rpauly

    "It was a mistake." Really? I don't think so. Pouring orange juice in my breakfast cereal is a mistake. Losing 2 BILLION dollars is gross mismanagement.

    May 15, 2012 at 12:36 pm | Report abuse |
  7. Gambi

    I want that job!

    May 15, 2012 at 12:37 pm | Report abuse |
  8. Laurie

    Here's a thought: how about the federal or state government(s) create their own banks. Then, when those banks make big bucks, that money can be used to fund our schools, build our roads, etc, rather than being paid to some fat cat CEO who doesn't deserve it. North Dakota does it and it seems to work for them.

    May 15, 2012 at 12:37 pm | Report abuse |
  9. Oh stop!

    What business is this of yours? Do you have stock in JP Morgan? Why don't you save your outrage for the $BILLIONS in truly obscene salaries and benefits the thousands of Govt Services workers and their supporting contractors?

    May 15, 2012 at 12:37 pm | Report abuse |
  10. You've got to be kidding!

    Hmmm. The company loses $2B while Dimon is at the wheel and he get's $23m? If I lost even $5k my boss would fire me. Tell me what incentive this gives him to make money for Chase? I'm moving my money today (and I'm not kidding), until these people get the message from the 99% and do something I'm done!

    May 15, 2012 at 12:38 pm | Report abuse |
  11. Andrew

    I have a hard time understanding the compensation of so many of these multi millionaires. As a doctor I feel I am paid well but it is merely a drop in the bucket compared to these guys. I guess feeling good about doing good for someone is my compensation. What does he go home feeling good about having done in his life?

    May 15, 2012 at 12:38 pm | Report abuse |
  12. Ellen

    Okay, let me see if I have this right . . . they are going to pay $23 million to someone who "made a mistake" and lost them $2 billion? Next they likely will ask for a bailout from us (taxpayers) and turn around and give him a multi-million dollar bonus for getting the bailout money approved. When is enough going to be enough to make these atrocities stop? I'm not sure about the rest of you, but I have never gotten paid for any of my "mistakes."

    May 15, 2012 at 12:38 pm | Report abuse |
  13. wabob62

    Why do we reward people who fail? nowonder america is in trouble

    May 15, 2012 at 12:38 pm | Report abuse |
  14. james

    THis guy should be brought before the shareholders, then promptly shot in the face.

    May 15, 2012 at 12:38 pm | Report abuse |
  15. Rick

    Has the world gone insane? This man gets 23 million after apologizing for losing 2 billion? This is an outrage. No wonder thousands of people are protesting Wall Street. And from now on, they've got my support.

    May 15, 2012 at 12:39 pm | Report abuse |
    • Suleiman the Magnificent

      Not only that! He`s wearing a pink tie. This indicates he is the gayest Bank boss around.

      May 15, 2012 at 12:43 pm | Report abuse |
    • D M

      We are truly a nation of sheep, rich or poor, sheep being led to the slaughter committed upon humanity by the wealthy wolves.

      May 15, 2012 at 12:43 pm | Report abuse |
    • Jj

      Bet you it would be very hard pressed to find any info about CNN execs and their bonuses. Let's flip this around shall we....

      May 15, 2012 at 12:45 pm | Report abuse |
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