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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
Does everyone have a short memory, just a few years ago we had to bail out these over managed banks and they and we, the gov't, have learned nothing, they care nothing about the avarage joe who drives up to make their weekly deposits and supports this countrys economybut not those fat cats, the banks and big gov,t need another shakeup
The Jack Nicklaus of bankers. Yes he deserves the 23 million. When a company makes a profit through worst economic times in history. 4 BILLION average profit in a horrible environment Would you want dimon to leave and go to Bank of america or citibank. Remember when the bambino went to yanks from sox's Pay him
The immoral unethical state of our financial and political system are shameful and disgusting. All of them should be ashamed.
Outrageous! He doesn't deserve it!
No Way What does he think he is, professional sports player!
Ridiculous!! No one is worth 23 million dollars, except maybe a person who ensures lasting world peace.
23 million for a guy running a multi-billion dollar bank that makes gazillions and loses billions on sleazy hedge fund deals. What an incredible testimony to our materialistic, dysfunctional society where the rich get richer and the poor get poorer. What happened to American values of honesty and accountability?
Why does Obama bail out people like this? Look at Ford Motor Co. they made a strong and successful comeback without taking any bailout money. CEO's like this don't need a bail out /handouts... they need to work hard for that money.
No, it's out of line in any case and even more so considering the recent $2b loss and possibility of greater losses as a result.
Deserve? Of course not. If I had ever lost money for my employer I would have found myself out the door. But I'm sure he has a contract and whether he DESERVES it or not, he WILL get it.
Do you know how many college educations that could pay for and/or pay off?!?! This is terrible
this is another example of why people hate wallstreet. It wasn't that they lost money. It was their division in charge of hedging risks that lost money! Through credit default swaps!
this is the same risky business that made the tax payer bailout the banks!
and this sob gets to pocket over 20+ million dollars? that's more than most people will see in their lifetimes!
if we end up having to suffer another economic crisis because of these greedy sobs, it won't be a fine, it won't be losing their job, we'll hunt them down in the street : (
check yourself before you wreck yourself!
He should have been fired on the spot without any pay!!
Imagine all of you savings accounts just added together and they probably do not come close to his pay! Time for a credit union
Unless you are a stock holder, I don't see how his compensation it is anyones business. The stock holders voted to pay him. So be it. However, the taxpayers should not be on the hook for one red cent. No bailouts, no rescue. Nothing. If this bank, or any other bank, fails due to risky actions, then the bank should be allowed to fail and go bankrupt.
remember too big to fail?
we ALL suffer if they fail!
that's my parents retirement there, if they go down, they'll drag all the stocks down!
we need to be proactive, not reactionary. It's not just about his bonus. It's about the risky behavior they exhibited, their division in charge of hedging risks lost this money due to credit default swaps! SAME business that crashed the economy three years earlier!
AND he gets 20 million!?