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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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I understand there is a demand for such individuals in high level positions but no matter how I try to crunch the logic I cannot see the justification for such massive salaries. I don't care what you do for a living you still sleep so your productivity and worth to the company cannot be justified in comparison to what other normal Americans give to their jobs.
Think of it like this. The median household income in the United States is $46,326 (I looked up and cannot verify the validity but seems accurate). You could take Dimon's salary and go out and hire 496 American families (assuming they are a package deal!) or at the very least 496 individuals. I have a feeling that Dimon would have a very hard time delivering more results in leadership, innovation, problem solving, and shear brain power over a think tank of nearly 500 people.
I'm cracking up right now just typing this! Its so illogical its amusing.
My wife was upset because the consultant she hired only spent 5 min on the phone with her. I asked how much he cost. She said $1,500. I asked how much profit would his 5 min of advice gain her. She said, "about $4,500". Not much to be upset about.
So, would you pay someone $23M to get you $4.25B in PROFIT? Of course you would.
I'm sure you're reasonably bright, but your argument is laughable. Let's make this simple. Dimon = Tom Brady. Tom Brady is worth $20 million a year. Why? Because you can go pickup Joes off the street all day and none of them will be able to do remotely what Tom Brady can do. At the same time, Tom Brady can make a mistake and cost the team a game, but that's the nature of the game. JPMC had a profit of $19 Billion dollars last year. They made $4 Billion dollars in the last quarter even with this $2 Billion dollar mistake. Dimon is worth way MORE than $23 million a year to JPMC.
100% deserve as we are all Idiots.......
Our economy could be easily fixed if folks like Dimon got $5 million (he should be able to live on $5 million a year) and the rest of the $23 million would go to the workers (Dimon would not be successful without them) and stockholders. Regular folks spend a large percentage of their income. People who make millions spend a smaller percentage of a larger amount. This doesn't help the economy. Unfortunately this will not change as long as money rules our government.
No one should get $23 in a year unless they own the Company like Bill Gates.
All CEOs salaries and compensation should be based on the profitability of their company. But the rich try to keep eachother rich. How else do people get bonuses worth millions of dollars while they are laying off workes to maintain liquidity or worse when they are receiving tax payer bailouts?
Why do we even need to ask. If I blew even a couple hundred dollars of my employers money, I would be fired. The banking industry is smoking crack before work everyday if they truly intend to keep executives that waste $2 bils on bad investments. I say fire the board as well!
“It is the unspoken truth of humanity. You crave subjugation. You (humans) were made to be ruled. In the end, you will always kneel.” – Loki
Of course he does. This is the new American Capitalism – screw the investors and the country and give the top brass big bucks for doing so. Anyone who banks at Chase has participated in Chase's irresponsible and unAmerican behavior. Stand up for America – End Corporate Terrorism – stop banking at the big banks!
The investors voted him in his huge raise! Shame on them!
Such reckless behavior that we have to back up with tax dollars should deserve 23 years, not dollars.
Seriously??? Employees that actually do the ground work for these companies get fired for LESS! It is a shame that we are still having this discussion that a CEO could still keep compensation afte losing BILLIONS! What can we do about this America?! I am truly angered!
THIEVES!!! Nobody deserves 23 millions pay . NOBODY!!!! What about employees struggling to meet obligations while these CEO's steal from everybody. This Country needs to have some COJONES!! and hung some of these thieves by the balls in a public place. By the way the 23M is even more with bonus and perks! IT IS ridiculous !!! NO MORE OF THIS ABUSE!!
I wish I could make a huge mistake at my company and then get rewarded for it. CEO's salaries are out of control and there is no incentive for them to do a good job – they get paid huge sums whether they do a good job or screw up the whole company! Shareholders are stupid for that vote, I hope their shares drop through the floor!!
This is really simple – no one in any job, anywhere, at any time deserves $23,000,000!!!
Put him in jail.
Funny how this story is nowhere to be found on the Fox News home page. Hmmm... I wonder why?
Disgusted taxpayer: what does making a smaller profit have to do with tax payers? You do not even know what has happened here. You are just reacting to partial news. Educate yourself before making silly statements please.
Disgusted taxpayer: what does making a smaller profit have to do with tax payers?
It was MFV talking about tax extortion- sorry, your handle also referred to taxpayer- still, the guy turned a pofit. Why are you angry about his pay?