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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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Yes, it takes hard work and perseverance to claw your way high enough to where you can be rewarded for screwing up.
many sports personalities (who play at tax payer subsidized stadiums) and hollywood celebrities make more than what this guy made. Being angry with someone's salary is definitely not going to solve today's economic problems.
major league baseball players and hollywood celebrities do not affect the general public like a bank does. We do not need to go to ballgames or movies but we all do our banking every day. We need to have some kind of guidelines established where the banks cannot manipulate our money in the way they have and when they loose a substantial amount, will be bailed out again. This time when that happens, the bank should fall and let the chips fall where they may, but the CEO's and other big wigs should loose their paycheck just like we would...no payouts and lifetime rewards for them if they are not doing their job. We would be fired it a company we worked for had the same lose and we were responsible, we would only get the $405 unemployment checks (if we were lucky). What is wrong with the stockholders of JP Morgan Chase??? It is their money that was lost too and they want to keep this guy??? I say let his head roll with $0 pay. Decrease his pay if they do want to keep him. When they are hit in the pocketbook, then it will send a message throughout the banking system that they will not get away so clean next time...
Sure, lets pay people for running the bus off the road. The dumbing of America continues and an ever increasing pace.
Let's see...this guy manages over 200,000 employees and 2.4 trillion dollars in assets. and he still makes less than Payton Manning my beloved former quarterback. He is responsible for making decisions that have real consequences not just throwing a football or hitting a baseball. He is responsible for potentially life altering moments (he could cause a recession) and yet we pay Ryan Seacrest 3 times what this guy makes. Stop complaining and look at our priorities. Yes the bank made monumental mistakes and changes must be made…and if they aren’t…heads should roll. If he doesn’t make them…he should be gone. Stop hating wall street when we pay sports figures and entertainers ten times what the average CEO makes.
SSDD
If A-Rod gets paid $25M a year to play a game,this guy certainly deserves his salary.
It's not his SALARY it's COMPENSATION!
If anyone else lost money for the company they work for they would get fired or atleast demoted. Certainly would not get a bonus.
I say we've seen enough of the Fedral Reserve's
and the SEC's pat on the butt attaboy investigations
of Wallstreet, it's time to bring in some real cops
from the FBI and IRS divisions of Fraud, Racketeering
and Tax evasion. For my money, the threat to the
average person's retirement, home and livelihood
by economic terrorists is far more wide spread and
ultimately more damaging to society as a whole than
that of physical terrorism, though motivated by greed
rather than religious fanaticism.
Hell, bring in Jose Rodriguez to investigate.
Waterboarding found bin Laden, they might find out
who has the three trillion dollars still missing from
the stockmarket. Maybe it's time to bring in the CIA for
a little over the face wet T shirt contest on Wallstreet.
Deserve $23 million? No – he deserves a 6 x 8 foot cold jail cell. But unfortunately swindlers and thieves no longer are prosecuted; the more they steal the more they can get away with it. Sad state of affairs..
Of course he does not deserve it. CEO's performance should be measured on a long term and not a short term. His package should be treated like stock options. It will be invested on their behalf and they are qualified to take a percentage when they deliver consistent performance year after year. Otherwise you will end up with high risk takers (for higher bonuses) and golden handcuffs when you fire them. Shareholders are doomed no matter what.
No one deserves THAT much money. No one is that smart, that skilled, or that essential.
except baseball, football, basketball players...movie starts, TV stars, singers, etc. god forbid and business man or women who excels at what he or she does get paid they same.
This is a little off topic, but i just want to let it out of my mind!!!
This is about all the big corporations/companies: CEO's should make less money and then the difference should be applied to raise all the employees salaries. This way everyone will be happy.
The current way is: CEO makes MILLIONS on top of MILLIONS and the employees can barely survive.
Reinstate Glass-Steagall. Break up the megabanks. Remove and prosecute those responsible. Too Big To Fail is TOO BIG!! Is there anyone left in Washington who can't be bought with Wall Street money? We need a Teddy Roosevelt to break up the trusts (megabanks) but all we can find are Millard Fillmores. If this is the best we can do, if we are so jaded and complacent that we allow this to happen, then maybe the American Dream truly is coming to an end. I pray that I am wrong, but.........
NO ONE deserves 23MM! I can't think of any job in the world worth that kind of money, considering what they have done to this economy they should have to give the entire amount back to the taxpayers. This country is SOOOOO screwed up.
perspective: JPM Mrket cap 139.5bil. EPS 4.496 PE 7.96 Outstanding shares 3.8 bil Now this is minimal info but certainly more than the front to this piece gave you. 2bil trade loss is big but it is like you making $139.5 a week and losing
$2.30 cents in a bad stock trade. Then again, if you smoke, you will pay three times as much to kill yourself in the scenario I just created with you making $139.50/week. So, yes, it makes for a great sale of news/media and politics but don't go getting too excited. You may have to drive somewhere. 🙂
Of course he doesn't. What incredible greed. Hpw could the shareholders do this?
Nope he doesn't deserve it. maybe he could atone for his company losses by donating part of that 23M to an educational grant? (if he doesn't do that already)