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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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Heck, fire him! I'll take his job and work for half the price and do a significantly better job! I have no experience but obviously neither does he!
Yeh, you sound like someone an investor would have confidence in . . .
Yeah. Obviously. Duh.
Undoubtedly intelligent, yet not smart enough to know there is a conflict of interest with him sitting on the board of the NY Fed which governs his bank. In light of that fact the man loses all credibility with me and should theirfore relinguish his pay and perks.
Pick a job Mr. Dimon. One or the other, but you can't have both!
And why do the regulators allow this?
When a man like this is obviously filled with hubris he will never understand for real why people are upset. An honorable man would resign.
No, Mr Dimon do not deserve this amount of money at no time. This is outrageous. The people that desrves the right ot a bonus are not being compensated at all. A number of cuts and backlash overworked and under paid....We can not get a deceit raise.
No.
There is no one in the world that deserves that kind of money. I wonder how many starving people in this
country alone, that kind of money would feed!
why dont you talk to all of the sports figures out there and see if they can feed the needy. I bet they wouldn't drop a dime of their own money.
Let's see...you pay me $23 million and I lose you $2-3 billion...seems fair.
No, he made 19 billion all total. Get a clue.
??????????????? Are you touched?!
Actually Chase still made a 5.4 billion dollar profit! 23 Million to manage a company worth 2.3 trillion dollars with hundreds of thousands of employees. Sounds like a good deal! I have banked with Chase for 39 years and this bank has created wealth for millions upon millions of working class, middle class, weathly, retirees and other people for a long time. 23 million is not to much to pay here! What is too much is paying an administration in Washington DC that plays class warfare, losses billions in pay to play loans and then says the banks or investment houses are corrupt! It is time to think beyond one paycheck or personal greed! He got it and I didn't so he should not have is not a good reason!
If one of us poor peasants pulled these kinds of stunts we would be fired and thrown in jail. When are people in this country going to take some interest in the falling of American government and the country "by the people-for the people" which no longer exists. Fire these leeches in Washington and the big business crooks who are stealing our money. If I were younger and able I would start a movement. The younger ones don't know what they've lost and more importantly they really don't care. Maybe they will when we are under a dictatorship.
What, exactly are you taking about? Please state facts and not a bunch of emotion-filled ninny talk.
I agree with Elizabeth Warren. Banking like checking accounts, savings,loans should be seperated from the speculation businesses of these huge banks. If the stock holders agree to give Dimon millions of bonuses for overseeing a 2 billion dollar loss, fine just don't tie US taxpayers to future bailouts. Let them go down on their own arrogant risk taking but don't take our money with you.
I'm just trying to understand how this works. How is it in the shareholders interests if the CEO gets 23 million or 20 dollars?
Alot of Bull-–it if you ask me!!. How's it that we keep on seeing the crap on day on and day off. Makes me want to line the idiot shareholders up and slap the crap out of them!! Bunch of freakin morons!!
Well of course he does! He worked really hard at losing those billions! Again.. this is what is wrong with our country. Rewards for what is all but criminal. I struggle to just get by... I work hard. Make a fair income...but I am a member of the working poor club. Big membership!
What's stopping you Queen for doing something for yourself? Too busy complaining about how hard life is to actually take the risks and make the effort for change. Serves you right.
I am a share holder, and I think his comp. should be tied to performance. 23 million is way out of line when you loose 2+ billion dollars on stupidity.
You are the worst shareholder in history. $2b loss was a single transaction/activity but – overall – he has still made billions of dollars. Are you so perfect that you make 0 mistakes in whatever god serving job you perform?
No it belonged in part to people banking with BOA. That is the issue. If it were only an investment company there would be no issue
Gee and I thought JP Morgan Chase was Chase, not BOA.
And BOA is the absolute worst investment house I have ever done business with. Would never give the another cent of my family's money.
It seems the new fall back job if you can't do anything is to be a banker – or better yet, chairperson of JPMorgan or Bank of America. I can't wait for the late night talk show hosts to get hold of this. As a banker, the worse you do the more they pay you. If you want to fail big time, and profit, become a banker or other wall street connected job.