Open Thread: Does JPMorgan CEO Dimon deserve $23 million?
Jamie Dimon is the chief executive officer of JPMorgan Chase.
May 15th, 2012
10:03 AM ET

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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Filed under: Business • Economy • Finance
soundoff (871 Responses)
  1. Michael

    Just like it was duting the bailout. People who should be dismissed or removed get paid for not doing their job properly. In the real world, they would be fired without pay.

    May 15, 2012 at 2:45 pm | Report abuse |
  2. Weldon Gebhard

    I just always have a problem with the word, deserve. Does anyone deserve..............

    May 15, 2012 at 2:47 pm | Report abuse |
    • Lisa

      No, he doesn't deserve. URG so many people hurting in our county and he makes 23mil a year, give me a break.

      May 15, 2012 at 3:00 pm | Report abuse |
  3. Screwed By Chase

    RIPOFF CHASE. Stole a car which was current on payments (all PROOF was shown and Chase admitted it was current), SOLD IT IN THREE DAYS, AND lied about returning the vehicle Seems as if this is a "normal" Chase world!DIMON A TRUE LOSER JUST LIKE HIS COMPANY! NEVER RETURNED ANY CALLS!

    May 15, 2012 at 2:47 pm | Report abuse |
  4. Nat Patel

    Absolutely cold hearted crime to take from the people and not even considerd a crime by our system. Hard working population earn it and CEO's skim off of it regardless of their negative performance.

    May 15, 2012 at 2:48 pm | Report abuse |
  5. John

    That bank is known for firing people who were responsible for losses a lot less than $2 Billion. How come he's not fired? Fired Chase employees should start a class action loss suit.

    May 15, 2012 at 2:49 pm | Report abuse |
  6. JAB62

    People here are correct. No one is worth that kind of money per year. JP Morgan people are idiots. I would have lost lots more for a lot less. I would do it for $1 million dollars. Maybe even less.

    May 15, 2012 at 2:52 pm | Report abuse |
  7. Bill

    absolutely not. $2B was lost on his watch. How can you continue to reward him. MAKE HIM PAY!!

    May 15, 2012 at 2:55 pm | Report abuse |
  8. Lisa

    Nobody deserves that kind of salary. It's obscene to pay CEO's that kind of money since they don't work hard enough to earn it. The President of the US, the leader of the free world, earns $400k per year which is an awful lot of money to most people and is on-call every minute of every day. Also people who do roofing work in AZ when it is 115 degrees outside work a lot harder than this idiot. Dimon didn't know anything about this situation and was certainly not supervising anyone directly. He gets $23 M for being ignorant and the shareholders approve. They must all be stupid.

    May 15, 2012 at 2:55 pm | Report abuse |
  9. Jo-Paul

    He must be supporting some politician.

    May 15, 2012 at 2:56 pm | Report abuse |
    • po'ed

      yeah, the guy in the whitehouse

      May 15, 2012 at 3:03 pm | Report abuse |
  10. Str8Vision

    When will you low-brow working class types quit complaining about how the elite ruling class lives? This poor man will have to struggle in order to survive off his scant savings until his friends offer him a new job. So a few million people got bilked along the way, it's America, that's just good business practice and they weren't important people, just second class citizens like you and me. He will continue paying people to mow his yard, wax his cars and clean his house so the "trickle down" effect will continue to benefit the working class. Good thing too since America's manufacturing base and support infrastructure moved overseas after Congress passed all the free trade agreements big business and the ruling class lobbied for. Faux news has it right, people like him work harder than everyone else and deserve their lifestyle and income. Those of you working two low wage/dead end jobs in order to feed/support your family are just lazy. On a positive note, he can use this lull between jobs to continue lobbying Congress for expanded loopholes in regulatory law so that he and his friends can make even more money next go-round. Like the law Congress passed allowing banks to quadruple credit card interest at anytime and for any reason. Of course that one backfired due to all the bankruptcies that followed but hey, it was worth a shot. Imagine what creative and lucrative laws they will come up with next....

    May 15, 2012 at 2:58 pm | Report abuse |
  11. iceload9

    He keeps his job while all those people lost theirs to make Mitt rich. It's a twisted world.

    May 15, 2012 at 2:58 pm | Report abuse |
  12. Bill in VA

    We are – thoguh not as much as we used to be – a free market economy. It is not a crime for businesses to lose money. Happens all the time. Just ask Governemnt...I mean General Motors. As far as Dimon's comp...if it is OK with the people who own the comapny, it is no one else's business. Simple as that. People not smart enough to understand that seem to be posting here.

    May 15, 2012 at 2:59 pm | Report abuse |
  13. LookAtTheTruth

    Sorry George Smith, I added an extra "o". Still doesn't change the fact that JP Morgan lost nothing, they made profits. OR further more that a $2 Billion loss of private money wouldn't even cause a dent in the economy or have an effect on mortgages even if it was an actual loss. You guys don't understand what a loss is. It's not like the money was stolen, it went into investments and the investments didn't return. That's called running a business, there is always risk.

    And to all you people whining about how you can't afford your mortgages and how someone like him doesn't deserve the money why don't you actually think about the facts.

    Maybe you shouldn't live beyond your means and put your livelihood on the line and in the hands of someone else by borrowing money you don't have.

    Maybe someone who runs a company that is able to make a quarterly gain of $4 Billion does deserve to make, oh, what is it? Oh yeah, 0.6% of his companies gains. Only 0.6%, that's nothing.

    If you worked at a restaurant and that restaurant made a gain of $1000 during one shift, (pretty good profit depending on the restaurant) and you only got 0.6% of that you would make $6 for an entire shift of work. Now how "unfair" are those proportions when you put them in our terms? Does it really seem like that much?

    You all complain about things you've done to yourselves or the inaccurate fear based reactions to things the media hypes up. Do you know what people that make $23 Million a quarter do? They put the revenue into the system that allows you to even borrow to take out a mortgage. They put the money into the system that allows you have to a job. Go ahead and keep living beyond your means and biting the hands that feed you. If it all catches up to you, to all of us, there will be no more mortgages, there will be no more jobs, there will be only poverty, and only chaos.

    The road to success comes from bringing yourself up not bringing others down. Stop all your petty envies and make better life choices so that maybe someday you can make as much money as you want and do with it what you will, because I guarantee you that if you were in his shoes your tune would change.

    May 15, 2012 at 3:00 pm | Report abuse |
  14. Bill Fish

    Honestly, these guys are so far removed from the real world, I'm beginning to think they are sub human. Do people even have a grip on how much 2 billion is? 2,000 million. The people at Chase should want the death penalty. 2 Billion dollars would feed whole nations. Literally a million lives could be saved from starvation with that kind of money and he blows it off and people still think he should be paid a fortune.

    May 15, 2012 at 3:00 pm | Report abuse |
  15. larryb

    the shareholders might be angry but they are all profiting from our screwed up system and do not want to rock the boat... they just want him to do a better job screwing the little guy in the future

    May 15, 2012 at 3:01 pm | Report abuse |
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