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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
My company asks me what I did to deserve my paycheck every year. I would ask the same quesion of Mr. Dimon. I don't think he deserves this pay.
And your answer should be: if I am still employed is because I am good. That`s why I deserve my pay cheque.
People like Dimon, the culture of Dimon, are pushing us to the brink. Someday, this country – if we keep letting these Wall St. types run the show – will descend into chaos and anarchy and the LA riots will look like a BBQ block party in comparison. And ignore the false humility of Dimon. It's all BS. JP Morgan Chase is just like any big bank: they have no loyalty, except to stockholders. And because the whole system of stockholding tends to absolve stockholders of responsibility for the misbehavior of corporate officers, men like Dimon will attempt to get away with whatever they can, and often at the expense of the community. The Great Depression, the Great Recession, the rise of multi-nationals, etc., etc., etc., is CLEAR evidence that when we give bankers license to operate with little or no regulation, they will naturally act in self-interest – a self-interest twisted by the lure of 23 million in pay per year – and the rest of us will suffer.
I totally agree with what you said Eric. The Sad truth is the more money they get the more power they wield with Politicians, and the more those politicians will not care about the blue collar guys/girls.
What brand of LSD are these stockholders taking? This moron should be fired, sued for the $2 billion, blackballed and criminally investigated.
No one deserves that much money, when there are so many who have so little or nothing!
This has got to be the best example of what is wrong in our financial melt down. This guy vaporizes two billion dollars of what is no doubt someone else's money, gets to keep his job, (which he obviously sucks at) and has the arrogance to expect to be paid $23 million? Shame on Congress for choosing to not regulate these scam artists.
Noone should receive millions a year. One trouble with out country is that everyone is thinking about Number One and trying to rake it in.
@Dennis..."using the Govt to legislate away private decisions..." You do realize that without regulation of some kind corporations wouldn't need to adhere to environemntal protections, or labor laws, and greed (as bad as it is now) would just be a million times (or more) worse right? I'm not saying regulate the h3ll out of them, but tighter scrutiny should be handed down from on high on major corporations. The economy sucks, they lay off workers, and yet still make 23mil? Come on now.
No one deserves $1 million, much less $23 million.
Thieves, I mean CEO's, are stealing way too much money from companies and then laying everyone off when they complain the company is not making enough for non-workers, I mean shareholders.
It is not surprising that the shareholders voted to let him keep his job. If you own stock in any bank, see for yourself: the largest shareholders are the top management (CEO, CFO, etc) and those who serve on its board. No doubt those are the people who voted to let him keep his job – it's an "old boys network". What a shame.
The top five: NBA players make this annually, for just playing a game! What is the difference?
1. Kobe Bryant, $53.2 million
2. LeBron James, $49 million
3. Dwight Howard, $28.9 million
4. Dwyane Wade, $27.7 million
5. Carmelo Anthony, $26.5 million
• See more players
The difference is they didn't lose $2 billion for their investors.
There sports players deserve it because this money is not their paycheck. This money is their sponsorship. One of them wears a GUCCI watch and waves it around, GUCCI will pay him millions to do that because fans will then buy this watch.
If one of these sports players start playing bad and make the team lose, he/she will not get an offer this big the next year. Hence, if a CEO does not follow the company and gets a loss like the $2B, the CEO should not get paid for losing.
Does Albert Pujols deserve $25 million a year? It is up to the ones paying him to decide. Isn't that the capitalistic system? Does George Clooney deserve $20 million for 3 weeks work on a movie? Again, thats up to his employer. Why is this different? If the board decides that he isn't worth it, then he won't get it. I don't see any outrages about how much money Oprah makes. Lets just be consistent on what we are saying. It would really benefit all Americans if we were.
Seriously, I tuned in to his Sunday interview I believe it was Meet The Press and I was impressed with his honesty and openess and I think the shareholders must feel the same way or they would not have voted for the pay package or supported him in keeping his job.
Well put, Eric.....
Are you kidding me? All top tier CEO, CFO et cetra need to have their compensation plans cut in half (50%) This a very average compensation plan for the elite Fortune 100 -500. By doing so the executives could still get by on US $ 10 million per year. Simply put the average American household is US $ 49,000 per year. Yes US $ 49,000 per year. All publicly traded companies are owned by the shareholders, speak up and be heard or continue someone some one who make 448 times the average household income and does a terrible job. (US $22,000,000 divided by US $ 49,000.) Attend the next shareholders meeting, get it "shareholders" meeting.
What we think is irrelevant. It's the shareholder's money and they have spoken. Why do you people (who are non-shareholders) think you have any say in this? It's not your money, you don't deserve any of it.
It IS our money: it is FDIC (Federal Deposit Insurance Corporation) paid for by taxpayers, which means ME, YOU, and EVERYBODY ELSE. We the taxpayers will be paying that 2 Billion, instead of this guy who should pay back what he lost out of his paycheck, the same way any cashier would have to.
Yes it is my money. I am a customer of Chase. If they are not profitable, they will at a minimum raise fees or at a maximum go out of business and inconvience me. And they are a major component of the banking system which is a very important part of our economy and as we already know from the Great Depression and this more recent Mini-Depression can have negative consequences for all of us. As the largest bank in teh US they have the most customers and therefore have the largest impact. No employee deserves $23 million. There are plenty of people around who could do a better job for less money. He hardly started the company like Steve Jobs or Bill Gates.
It's people like yourself Tom that I happily await your company. I like your talent to spin something so diabolical into a rosey walk in the park. Perhaps you can be my public relations agent when you are done with this life? 😉
He needs to have his money taken away and then he will know how the shareholders feel. What do you mean it doesn't affect us? It is a chain reaction and it affects everyone in some way. Corporate greed is all it is. And by the way, no one needs to make that kind of money a year.