JPMorgan slashes CEO Dimon's pay on "Whale" trade

Comments (11)
bohemianbill wrote:

all I can say is I hope the 9am shareholders meeting will ask the questions that need to be asked. The 8am journalists meeting was a q&a farce, bought and paid for with coffee and donuts. Jamie if you were an honorable man you would fall on your sword instead you will take your 11 million dollars and hide behind the ineptitude of YOUR employee’s. Shameful way of running a business.

Jan 16, 2013 8:56am EST  --  Report as abuse
americanguy wrote:

” You lost over 6 billion dollars so we are going to punish you. This year you will only get paid 12 million dollars”.
They were really rough on the poor guy.
This is why the entire WORLD hates wealthy people.

Jan 16, 2013 10:44am EST  --  Report as abuse
americanguy wrote:

” You lost over 6 billion dollars so we are going to punish you. This year you will only get paid 12 million dollars”.
They were really rough on the poor guy.
This is why the entire WORLD hates wealthy people.

Jan 16, 2013 10:44am EST  --  Report as abuse

Poor Dimon. How’s he suppose to make due.
Well, I guess he will have to use one ply instead of his regular 2 ply… And now, he will have to wipe himself… What is this world coming to?!

Give me a break with this…

Jan 16, 2013 10:46am EST  --  Report as abuse
GA_Chris wrote:

Poor guy… Will he be on Food stamps now or thrown out of his house like his bank did to many people?

Jan 16, 2013 11:39am EST  --  Report as abuse
tmc wrote:

I think he made out real good. I would have throw him in jail along with the other Banksters.

Jan 16, 2013 11:44am EST  --  Report as abuse
PatAmerican wrote:

Any company that can pay anyone that much is eitehr charging too much or not paying their lower employees enough. Wonder where the middle class has gone? This guy ate them.

Jan 16, 2013 12:46pm EST  --  Report as abuse
spameroo wrote:

‘”It is not going to affect his lifestyle, but it is important symbolically,” said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.’

This is the most important sentence in the article. For probably upwards of 90% of people in the world, abject failure at a significant fraction of one’s duties – regardless of how well the rest are performed – would affect one’s ability to procure enough food to avoid starvation. Imagine a subsistence farmer who forgot to keep his crops irrigated for a month. That would have a profound affect on the farmer’s literal life, as well as the lives of his family, probably.

In the developed world, we’re much more fortunate. Even so, most people could reasonably expect to lose their job if they just didn’t bother to do part of it for a year or two. Realistically, most people would lose their jobs for far less egregious errors. And for most people in the developed world, getting fired from one’s job for performance failures would ruin one’s life in many ways. It would mean an abrupt end to one’s career, with all the ensuing social and financial consequences.

To Jamie Dimon, abject failure results in a “symbolic gesture” that not only won’t affect his livelihood, it won’t even affect his lifeSTYLE.

Jan 16, 2013 1:06pm EST  --  Report as abuse
quantumkev wrote:

I agree with americanguy – it’s no wonder all of us ‘paupers’ have such disdain for the rich. Here is a man who, along with many of his cronies in high finance, contributed to the enormous loss of wealth so many of us suffered when the real estate market crashed, losing more money than most of us will ever earn in our entire lifetimes, and it doesn’t even “affect his lifestyle.” Am I the only one that puked in my mouth a little when reading that?

In fact, it almost shocks me that he would even allow this to be published. I say almost, because the new ‘kings’ of our plutocracy are getting ever more blatant about their seeming financial and other immunity and elite status. One has to wonder how long this will go on before we, the “peasantry,” have finally had enough. Capitalism does NOT equal democracy – never has, and was never meant to.

Jan 16, 2013 2:16pm EST  --  Report as abuse
AlkalineState wrote:

They cut his BONUS in half after he loses 6 billion dollars for the company in one quarter.

Good work if you can get it.

Jan 16, 2013 3:16pm EST  --  Report as abuse
Azza9 wrote:

I don’t think anybody holding left wing ideologies from your mild centrist Dem to your average welfare leach, wants to actually punish true success. As they depend on it.
True success is pivotal to a healthy economy. Pivotal to anything really

What they might like to punish is excess (other then spending ^_^). And the story in this article is an example of such excess. You can say “he earned it though, stop being a jealous pinko”. Now come on… I’m finding it really hard to think of a sort of labour of both mind and body that justifies a pay past the hundred thousand mark, Let alone millions.

He earned it all huh? Doing what exactly?

That Dimon’s even “halved” pay could be lived off by many families.
Assuming the average US annual income of a “livable” *full-time* minimum wage family is 20 grand. Using simple arithmetic of division, Dimon’s 11,500,000$ 2012 pay could be lived off by 575 families. This is assuming that the axiom of the 20 grand minimum living wage is correct…
I’m not too sharp at math, and perhaps simple division is over simplifying the matter. I hope I got the math wrong as I find this to be a rather shocking example of excess… I wonder what sort of living costs this man has? what percentage of his personal finance goes to overheads and utilities?.. If it’s any less then 60% of his earnings I think its time to ponder the possibility that maybe top level executives earn too much… Call me commie but if your salary can be potentialy lived off by >100 families, yeah… something’s broken somewhere.

Jan 16, 2013 9:14pm EST  --  Report as abuse
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