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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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So how much of that $23M was in cash and how much in stock?
Lets see how much he gave to charity last year.
Need some balance in reporting!
not no but HELL NO!
A really stuipd question for the masses. How may of us know what his real responsibilities are? This question is to incite the envious
NO! It is unbelievable that the head of a company that loses $2 Billion can keep his job much less get paid $23M for the job he is doing. The government needs to step in and regulate large investment banks to protect the rest of us from their reckless behavior.
Does ANYONE really deserve/earn that much money? I have no problem with CEO's and other senior corporate executives being well compensated, but 23 million??!! Their compensation should be closely tied to the success or lack thereof of the organization they run. With this trading fiasco at JP Morgan, Dimon's compensation should be frozen or even reduced. As President Harry Truman famously said, "the buck stops here".
Yes he has delivered billions to investors...!
Simply stated...No.
I don't care who you are. I don't care what education or experience you have. I don't care what you do. NOBODY deserves a $23 million dollar salary....period. I am a professional with 24 years experience and 2 Masters degrees. I make about $75000 a year. What does this man do that makes him worth 300 times my salary? Was it the way he skillfully managed to lose two billion dollars? I wish J.P. Morgan would have contacted me. I would have been willing to lose TWO BILLION dollars and would have only charged $200,000 to do so.
I don't think anyone, whether a sports figure, politician, or businessman, deserves that kind of pay. You may say it's capitalism, but I think that kind of money crosses the line of being morally wrong on so many different levels in the big picture of our financial situation. I agree capitalism was founded on the freedom to make as much money as we can based on honest work. But this compensation slaps the American people in the face. It's the picture of arrogance, greed, and to some extend bullying. Big Banks, and corporations as well, bully the American public because they can. They pay these CEO's these types of salaries because our leaders have allowed this to happen indirectly by slanting any checks and balances away from the executive level of business. I'm all for capitalism and getting paid handily for a job well done, but this is embarrassing, and morally wrong.
As I have no ownership stake in JP Morgan I have zero say in what his compensation package is nor should I have any say.
YES, JAMIE DIMON IS A DIAMOND!
NOBODY who oversees a $2 billion loss which must be bailed out by taxpayers is worth a single dime.
NO.
absolutly NOT!!! 2 million lost (chump change to him) but HE should have to pay the loss back, I'm sure it is a drop in the bucket, from his annual salery! I't easy to play with money that is not yours. Loss! no big deal.
I am not sure anybody is worth a salary of $23 million dollars. Maybe they should break up his salary after breaking up the banks.
Why is the question being asked? Rather than giving the guy $23M, he should be paying $2B to the people whose money he lost. And prosecution is way over due for these thieves. What's it going to take for these frauds and liars to be brought to justice?
I think his salary should be just enough to cover the penalties and punitive damages for the losses that his incredible incompetence has allowed on his watch, to shareholders, employees and consumers. Let's get some regulators sharpening some pencils, FAST!