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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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Does Kobe Bryant deserve millions of dollars? Does everybody on welfare deserve their check every month? Does CNN deserve readers?
Ultimately he is responsible. Officers and directors of publicly held companies are expected to perform at a higher fiduciary level than others since they are utilizing the assets of others over which the "others" have virtually no control. Integrity demands that he not benefit from his poor performance in carrying out his responsibilities. Will it go down that way? Probably not. Such is the sad state of our system.....
If even after what happened he still turned a profit, Your right he's responsible, and deserves every penny.
No one deserves 23M – not even the President.
The CEO is responsible for the entire company, therefore if he met his expected earnings/profits, he should get paid. Those directly responsible for formulating the plan that led to the $2B loss should be fired. The CEO should take heat and make heads roll and ultimately will be at the scrutiny of the shareholders and the board... who voted to pay him.
Maybe he should show some leadership and tell the public that he will work for 10 million this year and the remaining 13 million of what would have been his salary will be distributed evenly to everyone else in the company. The problem is crystal clear. WORKERS NEED A GD RAISE.
Of course he doesn't deserve it. Then again 20 million of that 23 million is fake money anyways. Made up out of thin air.
Should Kobe Bryant get $20m/yr? Should George Clooney make $20m per film? Who is determine those things? I would make the argument that the owner of the Lakers should determine Kobe's salary and whoever produces Clooney's film should decide his as well. Similarly it is the shareholders via the board that should determine Dimon's compensation. His salary is certainly no more egregious than many athletes and entertainers. As a shareholder I'm glad to have him.
Out of curiousity, as a shareholder, how much money have you made in the last 5 years off of the stock?
Does Ryan Seacrest deserve a $30 million 2 year contract for hosting American Idol? I'd say in comparison, Jamie Dimon is a bargain.
No, he most certainly does not deserve such an excessive compensation bonus. The banks ar screwing the consumer and we have to put up with it.
He should be fired, not compensated ! If we were responsible for a mistake of that magnitude in our jobs, there is no question, we would be out the door!
not just no but HELL NO!!!
He is not worth a quarter of that!!!
If any of the blue collar workers made a blunder like this they'd have our heads on a platter, how is it this guy retains his multi million dollar salary? and even better yet how is it they get raises for failure? I thought raises and pay were a reflection of doing a good job...
He's probably a shareholder on the board of his own shareholder's companies so of course they are all going to vote "yes" on each other's compensation.
Well I can see that if you start regulating who gets what in private firms then America grinds to a halt, but no – I dont think he should have got the money at the same time.
It boils down to this; no we shouldnt destroy the system as is but we should regulate it to an extent that will curb the startling excess that it operates in today and for the last 2 decades. So let Obama create some government regulations on it to stop 2008 happenning, stop the worst cases of rip-offs of the people, curb and tax the fat cats some and hold accountable the ones who caused hardship for the people who transgressed the rules.
Its NOT a revolution! Vut a even one degree of change in the ship's course will, through time, turn that ship drastically.
This entire situation happened on his watch. He is ultimately responsible. He should be asked for his resignation and not be given a contract extension.
I'll admit it. I think corporate CEO's like Dimon are pretty much what's wrong with the world today. $23 million? No...he doesn't deserve that. But he does deserve the reception he'll get at the pearly gates.
Put me anyone of us at the helm, and we'll see why he deserves the money.