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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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No, Mr Dimon does not deserve $23 million dollars. The discrepancy between executive pay and the pay of the rest of us is shameful.
No one deserves to be making $23 million; no one. What about all the investors in JP Morgan that lost money? Do they get to keep their money too? A CEOs salary should be directly tied to the return his company provides to investors. If it goes up, his compensation goes up. If it goes down, his compensation absoultely needs to do the same.
In a nation where sports figures get paid more, sure.
Different, the owners pay them. Not like they're out losing people's money.
I am not a shreholder so I will not comment on what a public company pays its CEO. As a general observation I find the comp at most public companies to be absurdly high. But look at our own Congress - we give lifetime pensions and unchecked exp accounts to our senators and congressman to do NOTHING but play politics. I am not a JP Morgan shareholder but I am a Us taxpayer and I would like to see term limits for Congress and a stop to the lifetime pensions and free health care.
As for JP MOrgan, what they do not deserve is any federal assistance in the future - they are on their own --
And Obama shouldl stop appointing so many Wall Street executives to his administration and stop taking in so much money from Wall Street firms
Absolutely not!!! His company received all the mortgages and properties from WAMU.gratis from the Federal Govt. They foreclosed on as many individuals as they could to collect insurance, forceclosure funds, short sale funds, and tax write offs. They made billions and are only interested in lining their own pockets. He continues to manage a company that does not care if they put their own mother on the street. If anything... the American Public needs to take a good look at him, his company and the Board of Directors and trial them for ripping off the people of the US. It is a shame that the system is completely crooked.
Why Not?? Anyone here a shareholder of JP Morgan?? If not.. who the hell are you to care or voice an opinion on whats fair compensation.
I'm more appalled the Tax Payer is paying OBAMA $400,000 a year with free housing and transportation while OBAMA gave us 3 annual deficits of over $1T, and a fourth is on the way; the nat’l debt is approaching $16T and Obama has no FEASIBLE, economically verified plan to change the direct of the annual defcits or national debt.
I will tell you "who the hell I am." I am somebody that has to try to piece together an existence in a world that is gripped tighter and tighter by corporations that are trying to make more and more profit at any cost. These costs, such as outrageous salaries, are absorbed by all of us, so yes, while I may not be a stockholder, CEOs and their ridiculous salaries end up costing me a great deal.
Did Obama pocketed those money? You are ridiculous!
The road Obama has recommended (congress actually legislates and passes budgets) a budget that hopes to raise tax revenues by stimulating the economy – a road taken by Reagan. Look what the austerity route is doing to Europe. If there were a perfect verifiable way of getting us out of the mess huge investment banks have gotten us into I think Obama would take it. Right now we have a stalemated congress. Nothing is getting done.
The derivatives markets are pure gambling. There is no way to directly hedge a mass of bank investments. Calling what JPMorgan did "hedging" as some talking heads did is just idiots being fed crap by the financial community.
Dimon should be firesd, not continuing to make him wealthy as a king.
Most congress persons deserve what they make, since they take a incredible responsibilities seriously. They are in it to generate million dollar incomes made from profits from us.
Not NO, but HELL NO!! Any person with any nexus to the causative transactions should be summarily terminated...from their employment. While $2-3B is rather nominal within an orgamization with $16-18B of annual income, many people will be hurt. Any person with a 401K or related deferred income instrument will be injured as the stock of this company takes a hit.
Reckless abandon with risk should have severe consequences, not a slap on the wrist. Not only should the responsible parties be terminated, the terminations shall not be with any type of severence and should be with prejudice and a permanent bar to any employment in the financial industry or anyindustry requiring any type of bond.
Advanced salaries should be disgorged and recouped.
NO absolutely no one should need to be paid $23 million to stay in a job. It's no wonder these people do not know how to manage a bank and put our country in financial ruin, they are greedy and they can not manage their own finances if they think they need $23 million a year to live off of.
Sad isn't it. I would love to know how the Board (which Jamie appointed and has in his pocket) rationalized giving him a $23MM bonus even before this loss came to light. Shameful that they did it afterwards. $23MM. How many salaries of employees does it take to equal that I wonder? It is obscene but only one more sign of the wealthy helping the wealthy while the rest of us suffer. How much pain would he have been in if he had only gotten a measly $10MM or god forbid $5MM. Would he have had to give up another summer house? Would his Park Avenue neighbors have laughed at him. Would other overpaid CEO'S have sneered in his direction? In his 8 years heading JPM the stock has gone from 39 to 36. That is failure under any measurement except among the corporate elite. Shameful.
He got it and its unconscionable.
23 million is equal to 575 people earning 40k a year. And this was his Bonus. I'm sorry, but no one is worth the earnings of 575 people.
His net worth in stock options alone is over 200 million, which would take someone earning 40k annually over 5000 years to earn.
23 million is equal to 575 people earning 40k a year. And this was his Bonus. I'm sorry, but no one is worth the earnings of 575 people.
His net worth in stock options alone is over 200 million, which would take someone earning 40k annually over 5000 years to earn.
I think he (Dimon) is a bank robber and he should be treated like one! Pay raise?heck no .He should be fired.
Yes, $23M is hard to swallow for poor performance, but I"m guessing that he's done more work than Josh Beckett, who's getting $17M to cry hurt and then go golfing. Not equivalent (other than salary), but it comes down to percentages of the industry.
Funny how he gets a big raise and majority of the employees working in call centers and banks didn't get a raise. They barely make enough stay a float with the bad economy and raising prices. Guess their raises went in the misadventure they had.