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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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Uh, NO!
So he didn't burn down the building. So he should be given millions of dollars.
No one earns $6 million. He is just one more paper shuffler who managed to not destroy the company.
NO WAY JOSE!!
Tell me again, who got the $2 billion
HIS TEAM, that is the only explanation that he get paid without complain from the board....
Absolutely no. However, tongue in cheek, this trade was not suppose to be a loss. It was a bad decision and those
sometimes haunt you. I am just philosophically opposed to anybody receiving a salary like that. Lets be honest, they don't need it, they won't spend it and they don't appreciate it. Just compensation fine, but 14M for anybody, come on.
The big banks are a creation of Reaganomics. After FDR's reforms of the banks in the 1930s, we did not have a bank collapse until we got to the Saving Loan debacle of the early 1990s. The Saving Loan bailouts of the early 1990s was a wake up call to reform the finanacial community right then, but we went in the opposite direction and deregulated the banks untilt hey were unsafe.
u r right
He lost $2B and only gets paid $23M? DEAL OF THE CENTURY! If he'd only lost a couple hundred million, that would make sense. But this guy has the talent and drive to go for the big losses. I'm sure that the company's board, who are probably mostly corporate executives as well, will see the error of their ways and give him a raise before he decides to start losing money for another company. Punishing an executive for taking stupid risks sets a dangerous precedent; he may start choosing bland and safe profits instead of exciting and much riskier mega-profit. And without those huge losses from insane gambles, how would the company stay in business?
If his compensation is less than 0.1% of assets, it means that 1) banks have gotten too large, 2) banks need to figure out what else to do with their assets. Just considering his cash compensation, who needs to make $6,000,000/yr? I am a professional with a terminal degree in my field and nearing my peak salary, and I make just 1% of his cash compensation. I haven't had a raise in five years, so my salary in reality is decreasing.
No one deserves to be paid that much money. This is one of the ridiculous things about our system. No one is actually worth $11,000 dollars an hour. The same is true for celebrities and athletes – they just don't contribute that much more than anyone else to society.
why don't they deserve to reap the rewards of their work, gambles, & consequently success? What have you done to make this or any kind of money?
Yes,he deserves the payoff ,if the lost money it's being pocket by the team that he is working for.and that is most likely the case..
Of course he is worth $23mm. Anything is worth what someone else is prepared to pay for it. I would be prepared to do his job for less, but can't get JP interested.
No way should he get this bonus! I have a decent job but I'm still living paycheck to paycheck. If he worked doing what I do he wouldn't be getting any bonus at all, especially if the company lost money because of his policies.
Hell NO... No body deserves 23 million dollar pay check. This is a big part of the problem. Golden Parachutes, Big Bonus, Outlandish Pay Checks. How much money is enough? And if they (big business) continues to pay out these kinds of monies, then Tax the Hell Out of them and have them pay off some of the deficit that they and politicians have created in this country. Let's get real, let's get back to basics, let's get back to what made this country strong. Earn an honest wage for a honest day of work.
As was pointed out, look at the big picture. For all the Dem's wanting to crucify this guy... he's a Democrat who backed up Obama. Hmm... do I hear a deafening silence?
Look, I don't agree with a lot of his politics but he did steer the company through the economic storm. He also got rid of the culprits, and continues to find/weed out those who are culpable. What else do you want?....
In the real world, when you lose money for your employer, you usually lose your job!
Ditto! How is it possible that he's keeping his job? The apology rings hollow. If we really want reform we should fire him along with all the other boys in the network that keep losing people's money. No wonder we're in such a mess!