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. azbearhuntr

    He lost 2 billion, you are right, but he also is CEO of a company who makes 3x that per quarter. If you want big returns you can expect big losses soemtimes, he is waaaaaay ahead of the game though. Chase is the only bank that can pay off all of its outstanding loans even if every customer went into defualt tomorrow. Chase is big for sure, but they are also one of the few somewhat responsible ones out there, I'd glady lose 2 billion to make 5.7 billion in 3 months.

    May 15, 2012 at 4:52 pm | Report abuse |
  2. Brian

    Of course Jamie Dimon should lose some of his compensation for what happened. The bigger issue being Republicans lose me when they talk about all government regulations being bad because of cases like this one, and what happened with the banks back in '08. If our countries big banks have been deamed to "big to fail" then it only seems fair that they should answer to the tax payers expected to bail them out, and the closest means we have to that is our elected officials passing government regulations.

    This is all under the assumption there are enough Democrats and Republicans in office who care more about us than they do about special interest groups that pay their bills to get them elected......nevermind.

    May 15, 2012 at 5:10 pm | Report abuse |
  3. Andrew

    This is a man who is responsible for a $2 TRILLION balance sheet. He gets paid $23M per year. That's .0000115% of his company's assets. I'd venture to guess that most reading this comment would be looking for a new job is they were being paid .0000115% of their companies total assets. I sure know I would. Wall Street, a direct product of capitalism, makes this country run and the world go round. WAKE UP.

    May 15, 2012 at 5:38 pm | Report abuse |
  4. jbloe

    23 million. Clearly not. We need to re-enact glass-steagall! This guy needs to be fired without the golden parachute.

    May 15, 2012 at 6:25 pm | Report abuse |
  5. Angi Stamm

    This is stupid the US Government under Barack Obama spend over 6 billion dollars a day. Should he be fired and not get a pension for putting us into debt?

    May 15, 2012 at 8:24 pm | Report abuse |
    • Mr Lowe

      Were you cryogenically frozen from 2001 through 2009?

      May 15, 2012 at 8:33 pm | Report abuse |
    • PirateBurster

      Angy,
      You sound like you dropped out of Kindergarten.

      May 15, 2012 at 8:43 pm | Report abuse |
    • Louis Frankel

      Are you really trying to justify banking executive payouts with government spending figures??? pull your head out of your A** and go back to fox news! under the bush administrations watch the entire banking system was collapsing! and it was due because of these same payouts!!

      May 16, 2012 at 12:54 am | Report abuse |
    • w5cdt

      Man if you think Obama put us into debt I think you need to go back to school.

      May 16, 2012 at 9:49 am | Report abuse |
  6. gg

    even sports games have regulations

    May 15, 2012 at 8:32 pm | Report abuse |
  7. PirateBurster

    He should pay back $23 Million and Romney should back $200 Million from all the bankrupted companies. Right? These guys earn money regardless of the outcome. The Romney/Wall street logic.

    May 15, 2012 at 8:41 pm | Report abuse |
  8. Sirned

    Hmmmm.... The party of pay for performance and personal responsibility defends Corporate thugs that lose money and still feels he deserves 23 million a year.... I'm in nuts world...

    May 15, 2012 at 8:54 pm | Report abuse |
    • w5cdt

      There is no such thing as logic in the Republican platform.

      May 16, 2012 at 9:51 am | Report abuse |
  9. Sirned

    Aren't most board members other CEOs and make sure that every CEOs salary is kept high to ensure theirs does too...And doesn't the CEO recommend who gets on the board? Sounds like a rigged system to me...

    May 15, 2012 at 9:00 pm | Report abuse |
  10. guzzimike

    Come on, it's only two billion dollars. There's plenty more where that came from. Wait.....Where did it come from, anyway??

    May 15, 2012 at 9:23 pm | Report abuse |
  11. Bob p

    What about the other toxic assets that jpm owns. Add the $2 billion to the other toxic assets and lets see how jpm stacks up. Bottom line, is jpm solvent?.

    May 15, 2012 at 9:38 pm | Report abuse |
  12. Older and Wiser

    I have worked for large corporations in the financial sector for many years. Whenever you have someone like this who is CEO and COB they are the "smartest guy in the room" and they will always blame underlings for failure. My question is always the same.....who hired these people and promoted them to these positions, and who demanded that they "push the envelope" in every way to increase profits by taking extraordinary risks. But of course, nobody ever asks that question to these leaders, as they believe that they are gods, and can destroy anyone who speaks against them. Large corporations like this are not a democracy, and if they were nations they would be considered sociopathic fascists akin to North Korea and Iran.

    May 15, 2012 at 10:31 pm | Report abuse |
    • ryan

      Agreed. We have those in the Army too. Usually high rankers of either the Enlisted or Officer Corps. People on serious power trips in those positions in life should have some type of Check and balance to keep them from treating everyone like trash.

      May 16, 2012 at 12:17 am | Report abuse |
    • BJNJ

      Amen. Dimon ALLOWED this to happen. He seems to take no responsibility. He should resign and pay back the $23 mil

      May 16, 2012 at 12:48 pm | Report abuse |
  13. mickey1313

    No one on earth deserves this kind of money. It is sick and sad.

    May 15, 2012 at 10:54 pm | Report abuse |
    • Reality Check

      Before we roast the banking industry for it's compensation practices, which have gone on for decades, why don't we ask ourselves why we don't have the same outrage at the compensation for professional athletes. In many cases they play in stadiums funded by tax payer dollars, a large part of their income comes from over priced merchandise, tickets and TV commercials for stuff those same tax payers buy. Tell me that Albert Pujols is worth $25 per year.

      While what happened in this case and at other banks (i.e. Lehman and Bear Stearns) is wrong, let's not forget he latter two are out of business. . At least Jamie Dimon and JPMC employ 300,000 people and while $2B is a lot of money it is less than 10% of what the bank will earn this year and a fraction of what he has earned shareholders through out his tenure.

      We need to focus on the real issue in the US, which is creating good jobs. We have the highest corporate tax rate in the world, raising personal income taxes, regulation in Dodd-Frank that has more pages than the Koran, Old and New Testaments combined and a federal deficit that is out of control. Tell Pres. Obama to stop distracting us by placing blame on others and fix the problem. Last time I checked, taxes were not an incentive to do anything, especially create jobs and wealth. We tax things we want to discourage....I guess Obama wants to discourage people getting from wealthy or investors & companies from creating jobs and profits in the US. I travel all over the world for business and I can tell you that none of the investors and companies I meet with are even considering investing capital in the US, which means no factories, no funding for new ventures – no new jobs.

      Ask the President how increasing taxes on the wealthy and business is going to encourage either to invest or create another job in the US. If they can open a factory in Singapore or Russia and pay 17% corporate tax rate or in Ohio and pay 35%, what would you do? Exactly what US corporations do now, move the jobs and profits over seas so their shareholders can keep more of the profits.

      Let's get a President who knows how to create jobs because he's actually had one in the past. Author of books about himself and community organizer don't count!

      May 16, 2012 at 5:26 am | Report abuse |
    • Richard Wallace Williams

      Even Jesus Christ would decline to accept compensation like this "Demon".....and the rich (& evil) get richer (& more evil) while the humble masses sit on the curb eating of their can of worms. God have mercy

      May 16, 2012 at 10:09 am | Report abuse |
  14. jeremyhornephd

    It is disconcerting that we even have to consider such a question that has an obvious answer. It is like asking whether anyone should be able to bash infants up against the wall if they don't like them. Dimon and individuals like him are parasites on the socioeconomic body; they did not earn this wealth. They did not get it by the sweat of their brow, like the 99% did. It was ill gotten by every nefarious device known to humanity, from speculation to exploiting workers, not paying them the full value of their work, i.e., surplus value. What has happened is that the U.S. has grown into a full-blown corporatist state, where exploitation has become systematized and not only is sanctioned by the official regime (government) but is encouraged by it (as in Bankster bailouts). You cannot reform a system like this. You must remove it in its entirety, along with the ethos that generated it.

    May 15, 2012 at 11:34 pm | Report abuse |
  15. nbx

    How many millions of dollars does a person need? If Mr. Dimon's salary was reduced by 50%, the bank could employ another 200 people; maybe more. I'm sure Mr. Dimon could get by on just $11,500,000 per year.

    May 16, 2012 at 8:29 am | Report abuse |
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