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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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Really?
I'm a CEO of a small company. I make more than any one of my employees because of a rediculous IRS rule that says that if I don't, I might be underpaying small business taxes.
All that being said, there is no one individual who is worth $23 million in his contributions. I'm the glue that holds my company together (at least I'd like to think so), but if we were a billion dollar company, which we certainly are not, I still would not be worth $23 million dollars.
What unique values are brought to the table that makes an individual worth that much? Team builder? I do that, and I'm good at it. Again, not worth $23m. Accountability? Do we really want to go into that here? Clearly that job isn't worth $23m.
So show me the value.
Totally agree. The CEO should make more then all their employees because the nature of the job. But pulling in 23 million for a year, I little high. Heck, Obama doesn't even get paid that much to run the whole country into the ground. As for the loss, losses happen, there is risk. The current administration somehow thinks we can remove all risk and only get the massive upswings. That is not possible. You need to take risk to make it big. Sometime's you fail. That is capitalism.
It comes down to ability and who else can do the job. How many people in America can do the job that he's doing? I would argue not many. He's managed to carry JPMC through one of the worst banking periods in history and come out on top. Should he really be paid $9.00 an hour for that? Come one people get real. A person's pay check is determined by ability and how successful he/she is. Jamie this guy is both. If you're complaining about most American making on $9.00 an hour than ask yourself why? Possible reasons 1) Welfare State 2) Depressing performance in sciences and math (Note: Banking is a "Math" field... something a lot of people in the US are not good at). Rather than trying to give handout, how about raising the bar for the general population.
Apparently he's not doing his job at all, or else they wouldn't have lost 2 Billion dollars on risky investments. Open your eyes, he can't be doing his job, and he certainly isn't worth 23 Million dollars.,
Don't willfully ignorant. He didn't carry then through anything. They recieved a $25 billion bailout the first time around for this type of crap shoot. They are not manageing anything but disclosure and PR.
No....let's get them back down to 6 figures where they belong.
Good grief. Some of you posters need to go back to school. 23 million is not a quarter billion. 250 million is a quarter billion. It take 1000 million to equal 1 billion.
He's got 23 Million pay. I have my mortgage with them I barely can make my mortgage every month and they refuse to give me a loan modification.
What? You made a comitment you have a hard time keeping and now it's the banks fault?
No one is worth that much....why not share some of the wealth? I am sure he doesn't do all the dirty work. I wonder what a Chase Bank teller makes?
Hmmm... tell that to all the guys in the NBA and NFL.
Who the heck is really worth $23M besides perhaps a Steve Jobs??!!
@ArmyCSM Steve Jobs took a salary of $1.00 a year.
Yea.. and 8B$ in stock....
Listen. .if you base yourpay on one quarters contributions, what would your check look like.
Does anyone know the truth about this? JP Morgan lost $2 Billion in their own money they traded while still making a $4 Billion gain for the quarter. In other words, they didn't loose anything. This is all just media hype. Companies "loose" and make money all the time. It's the end net gain that matters and no one realizes that or is paying attention to it. You guys need to wake up to reality.
The truth is "loose" is the wrong spelling for what I can only assume you mean "lose."
Go ahead and call me a grammar snob, but if you can't even spell a simple word like that, why should anyone listen to your ramblings about how the free enterprise system should work?
No, he doesn't. I don't get a say, though, so who cares?
HE LL no!! When legitimate unemployed people are losing their homes they grew up in because JPMorgan will not work with most of them to refinance or temporarily lower their payments....he should take a $1 a year like Steve Jobs who can afford it and donate the $23 million to worthwhile charities, education or helping people who unfortunately lost their job in this market and are now homeless!
Not just no but HELL NO! Dimon is the perfect example of what is wrong with our financial system. Loses billions of dollars and get a pat on the back and a 'Good boy!' worth $23 million dollars? Boy, am I glad I pulled my money out of Chase last fall. If they're going to reward jerks like that, I want nothing to do with it!
He doesn't deserve to have a job since he can't manage to make any money for the company, instead they are losing and the losers will be the stockholders. He is a jerk and a thief.
If I took or lost 100 dollars from my job, they would walk me out the door. This man losses 2 billion under his watch and gets a reward of 23 million. Only in America!