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. Delhi Public Schools

    I am really inspired along with your writing abilities and also with the format in your weblog. Is this a paid theme or did you modify it yourself? Anyway keep up the nice high quality writing, it is rare to see a nice weblog like this one nowadays..

    May 16, 2012 at 9:18 am | Report abuse |
  2. Debbie Maynard

    No he doesnt deserve $23 Million! This is what is wrong with our country....GREED! This man is a prime example of that. Seriously how much money does one really need to live on in this country???? It's apalling how greed has become the downfall of America....pure and simple greed.

    May 16, 2012 at 11:42 am | Report abuse |
  3. Scottish Mama

    NO.

    May 16, 2012 at 11:48 am | Report abuse |
  4. BJNJ

    What bothers me is guys like Dimon don't take responsibility for LETTING this crap happen. They push the blame to people THEY ALLOWED to screw up. Dimon should resign. What happened to "the buck stops here." These stockholders are a bunch of nitwits to pay this guy $23mil when the loss was on "his watch". Taking RESPONSIBILITY is a dying trait. BJNJ

    May 16, 2012 at 12:46 pm | Report abuse |
  5. Mark

    No – he does not deserve this over the top bonus. Pay for performance. He did not perform!!

    May 16, 2012 at 12:54 pm | Report abuse |
    • Rickyc

      Really thats like asking if Charles Mason should be released on parole! Really Those shareholders have as much business sense as the ceo of Enron!

      May 16, 2012 at 11:20 pm | Report abuse |
  6. BJB

    It is likely most of these "votes" were received via the internet or email prior to disclosure. Net, neither he nor most CEOs are worth that type of money. The opposing view usually cite the fact that ultimate accountability rests with the CEO. This is a litmus test to see if that is true. If it is, Dimon should follow the Chief Investment Officer out the door – or at least the board should step in and reverse this pay package. Should that not happen it lends credence to the belief that board really do not represent the share holders but are more of a club supporting each other and not bothered with operations or ultimate accountability.

    May 16, 2012 at 1:13 pm | Report abuse |
  7. Pen

    Where is the accountability?? If you do a GOOD job for your company and shareholders, then you deserve the reward. Why, why, do these people on Wall Street get rewarded for failing, miserably. They can't lose. Wish it was like that for the rest of us!!

    May 16, 2012 at 2:35 pm | Report abuse |
  8. joe

    No person on this planet is worth that much yet all are priceless. Sadly that, "Money, not morality, is the principle commerce of civilized nations."
    Thomas Jefferson

    May 16, 2012 at 3:25 pm | Report abuse |
  9. Franco

    this is the another history of an American hurting Americans, and the funny thing is we keep fighting wars overseas when we really have the enemy living among ourselves!!!

    May 16, 2012 at 3:38 pm | Report abuse |
  10. Secret {Police

    I just cant get over that the strategy they employed to hedge against risk was the same strategy that helped the economy implode. I'm not surprised one bit that he's getting this payout package, almost more surprised that people thought it would be shot down. Your average shareholder has zero say on company operations. Cant decide on how much the CEO gets paid, whether they use profits to pay out dividends...or decide to use company money to donate to political campaigns...which now thanks to the Supreme Court we wont even know which companies do that

    May 16, 2012 at 3:44 pm | Report abuse |
  11. Jason

    Let's show Dimon and the board where it really hurts......sell your JPM stock and/or do not purchase mortgages, bank accounts, or anything else from them. Then when their revenues go down, they will surely let Dimon go. I sold my stock when they decided to double their credit card rate at Chase for no apparent reason, when I paid off my balance on time and my credit score was excellent. So, I no longer have their stock or credit card. And I will never open up a bank account with them either.

    May 16, 2012 at 5:04 pm | Report abuse |
  12. Kent Stull

    This is another example of corporate America rewarding failure. My 401k is administered by JP Morgan and it has steadily lost money for the last 6 weeks. I certainly hope my money, along with other clients, isn't being funneled into accounts to cover the losses.

    May 16, 2012 at 5:27 pm | Report abuse |
  13. Someone

    To folks who say Corporate boards protect the shareholders – yeah, right. They are good old boy networks and since Board Members are nominated by the CEO often, they are likely simply rubber stamps to the Executive branch.

    May 16, 2012 at 5:46 pm | Report abuse |
  14. thelittlefeline

    I am looking forward to reading his obituary.

    May 16, 2012 at 5:52 pm | Report abuse |
  15. G Smith

    No..

    Perfect example of rewarding ...bad behavior......

    What does this say and teach young people about the values i our corporations have in our society?

    And we want a corporate business type running this country as POTUS..like a Mitt Romney...be very careful what you wish for...

    May 16, 2012 at 5:53 pm | Report abuse |
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