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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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After his "administration" just lost $2 billions ? It's stupid and calls into question as to who is actually voting the shareholder proxies and what their vested interest is giving Mr. Dimon this money or even letting him keep the job.
NOBODY deserves $23 million in salary as long as children in this country are starving.
AMEN!
Do you watch sports? Movies? Do you support those high wages?
Jimmy,
The NFL generates billions in profit as a result of athletes. NFL athletes last 3 years in the league on average. The average salary is about $500,000. Most battle life long health issues that they must pay for out of pocket. So, no, I don't think their salaries are exorbitant you obtuse republican simpleton.
Yes he deserves 23 million. I did not hear anyone cry about Robert Nardelli of Home Depot and his severance package he received in 2007 of 210 million. His managment sucked and the stock took a nose dive and to punish him for this poor management they inflicted a painful 210 million firing bonus. Now that is what I call BS!!!
we all screamed at his severance package. it is rediculous that we the consumer allows this kind of markup in the products we purchase. maybe the internet will allow us to mobilize and boycot these kind of abuses. I did not like Lowes but I shop there and visit home depot only as a last resort. Dimon should be let go without a package because he does not see (or want to see) the risk that they were assuming for all of us when they play this game. He is a bright guy I am sure he can find a job in a new industry that actually produces a product.
Hell Yes. You thinking losing that kind of money is easy? It takes hard work and dedication for that level of malfeasance. He deserves that and more. Once I'm in the golden parachute club, I don't want my compensation to be even remotely tied to the performance of my company.
Hey Fred. I have an idea. Why don't you and I both take jobs there heading the company. I figure we only have to work there a few months, we walk away with several millions and a super severance package likely more millions, unload the stock they give us and off we go into retirement. I think I will retire in Barbados.
I figure we can't do any worse, we both likely work very hard and maybe able to loose as much money and they might even give us a bigger severance package.
Why even both asking this question to average American dolts? The average American has no clue about how to measure shareholder value, etc etc. Most dolts will just say, "I only make $8, and he gets 23mm? No he doesnt deserve it..."
He will turn a profit of better than $3,000,000,000.00 after the loss. How big a profit are you turning?
Give me $23M to lose $2B, and I will get the job done. I guarantee it.
ridiculous, of course not
Yes...he does. Everyone looks at a $2,000,000,000.00 dollar loss but the end result is the comapny is still earning money. Yet, we will turn around and re-elect a man adding trillions to our debt and 'invests' our money in companys for hundreds of millions that go bankrupt within three years. Makes sense we are outraged over a man creating a lesser 'profit' than one who simply calls for greater taxation when he screws up. Makes absolutely perfect sense. Cut the presidents pay to make it fair.
Steve just because some rich guy shows his behind does not mean you should kiss it the answer is simply no he is a failure and should not be rewarded for it
Correction: Crash of 1929.
it's not how much he makes it's how much he deserves which is quite a bit less considering without the gov they would be broke.
JPMorgan is a private company, they can pay whatever they want. No one cares if a professional athlete gets more than 20 million dollars a year. Who says investing is a 100% sure thing. If it does, then everyone should be rich by now.
NO ONE NO ONE deserves 23million a year
Sounds great I hope he takes it and drops deat the day after he retires
Thats shoe shine boy pay compared to his Russian counterparts. I'll bet they are the ones who skinned him.