SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
"Dimon proved the rule of law is a joke for the rich, and for that he will be handsomely rewarded," Dan Wright writes. (Photo: jurvetson/cc/flickr)
JPMorgan Chase's Jamie Dimon Rewarded With 74% Pay Increase
Neither the bank's paying $20 billion in fines last year nor criminal behavior a barrier Dimon's $20 million compensation
Jan 24, 2014
JPMorgan Chase CEO Jamie Dimon has been rewarded with a 74% pay increase, despite criminal activities by the company he directed that resulted in $20 billion in penalties last year.
The $20 million compensation package for 2013 awarded by the board includes a $1.5 million base salary--unchanged from last year--and "$18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus," CNNMoney reports.
Dimon received $11.5 million in compensation for 2012, compared to $23 million in 2011, following the "London Whale" bets that cost the company over $6 billion.
In November, the bank inked a widely criticized $13 billion settlement deal with the Justice Department for misrepresenting the quality of mortgages in mortgage-backed securities in the lead-up to the financial crisis.
William K. Black, author of The Best Way to Rob a Bank is to Own One, writes at New Economics Perspectives that
Dimon led JPMorgan while it committed what government investigators have identified as over 15 frauds, most of them massive. [...] These frauds represent the greatest financial crime spree the government has ever identified. I am not counting the frauds of Bear Stearns and Washington Mutual (WaMu).
[...]
JPM's board has proven for years that it is spineless, unethical, and dedicated to Dimon's interests.
As Firedoglake's DSWright puts bluntly,
Dimon was able to break the law continually and exceptionally and face no serious consequences. That is an achievement of sorts isn't it? If you were the head of a company and were able to break the law continually and never had to seriously pay for it - why not keep you on?
This point is echoed by Black, who writes that
The regulators have used feather dusters when it comes to elite bankers - and only actions against elite bankers matter. Fines against banks cannot deter frauds by officers. The officers who control the bank are delighted to use bank funds to negotiate deals in which there are large fines - but the government does not prosecute the officers or seek to claw bank their compensation and seek damages from them.
"Dimon proved the rule of law is a joke for the rich, and for that he will be handsomely rewarded," Wright adds.
Robert Reich offered his thoughts on Dimon's compensation on Friday, tweeting:
\u201cJamie Dimon's $20 m pay package for 2013 comes out to a million for every billion JPMorgan has been fined this year for illegal activities.\u201d— Robert Reich (@Robert Reich) 1390592207
___________________
Join Us: News for people demanding a better world
Common Dreams is powered by optimists who believe in the power of informed and engaged citizens to ignite and enact change to make the world a better place. We're hundreds of thousands strong, but every single supporter makes the difference. Your contribution supports this bold media model—free, independent, and dedicated to reporting the facts every day. Stand with us in the fight for economic equality, social justice, human rights, and a more sustainable future. As a people-powered nonprofit news outlet, we cover the issues the corporate media never will. |
Our work is licensed under Creative Commons (CC BY-NC-ND 3.0). Feel free to republish and share widely.
JPMorgan Chase CEO Jamie Dimon has been rewarded with a 74% pay increase, despite criminal activities by the company he directed that resulted in $20 billion in penalties last year.
The $20 million compensation package for 2013 awarded by the board includes a $1.5 million base salary--unchanged from last year--and "$18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus," CNNMoney reports.
Dimon received $11.5 million in compensation for 2012, compared to $23 million in 2011, following the "London Whale" bets that cost the company over $6 billion.
In November, the bank inked a widely criticized $13 billion settlement deal with the Justice Department for misrepresenting the quality of mortgages in mortgage-backed securities in the lead-up to the financial crisis.
William K. Black, author of The Best Way to Rob a Bank is to Own One, writes at New Economics Perspectives that
Dimon led JPMorgan while it committed what government investigators have identified as over 15 frauds, most of them massive. [...] These frauds represent the greatest financial crime spree the government has ever identified. I am not counting the frauds of Bear Stearns and Washington Mutual (WaMu).
[...]
JPM's board has proven for years that it is spineless, unethical, and dedicated to Dimon's interests.
As Firedoglake's DSWright puts bluntly,
Dimon was able to break the law continually and exceptionally and face no serious consequences. That is an achievement of sorts isn't it? If you were the head of a company and were able to break the law continually and never had to seriously pay for it - why not keep you on?
This point is echoed by Black, who writes that
The regulators have used feather dusters when it comes to elite bankers - and only actions against elite bankers matter. Fines against banks cannot deter frauds by officers. The officers who control the bank are delighted to use bank funds to negotiate deals in which there are large fines - but the government does not prosecute the officers or seek to claw bank their compensation and seek damages from them.
"Dimon proved the rule of law is a joke for the rich, and for that he will be handsomely rewarded," Wright adds.
Robert Reich offered his thoughts on Dimon's compensation on Friday, tweeting:
\u201cJamie Dimon's $20 m pay package for 2013 comes out to a million for every billion JPMorgan has been fined this year for illegal activities.\u201d— Robert Reich (@Robert Reich) 1390592207
___________________
JPMorgan Chase CEO Jamie Dimon has been rewarded with a 74% pay increase, despite criminal activities by the company he directed that resulted in $20 billion in penalties last year.
The $20 million compensation package for 2013 awarded by the board includes a $1.5 million base salary--unchanged from last year--and "$18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus," CNNMoney reports.
Dimon received $11.5 million in compensation for 2012, compared to $23 million in 2011, following the "London Whale" bets that cost the company over $6 billion.
In November, the bank inked a widely criticized $13 billion settlement deal with the Justice Department for misrepresenting the quality of mortgages in mortgage-backed securities in the lead-up to the financial crisis.
William K. Black, author of The Best Way to Rob a Bank is to Own One, writes at New Economics Perspectives that
Dimon led JPMorgan while it committed what government investigators have identified as over 15 frauds, most of them massive. [...] These frauds represent the greatest financial crime spree the government has ever identified. I am not counting the frauds of Bear Stearns and Washington Mutual (WaMu).
[...]
JPM's board has proven for years that it is spineless, unethical, and dedicated to Dimon's interests.
As Firedoglake's DSWright puts bluntly,
Dimon was able to break the law continually and exceptionally and face no serious consequences. That is an achievement of sorts isn't it? If you were the head of a company and were able to break the law continually and never had to seriously pay for it - why not keep you on?
This point is echoed by Black, who writes that
The regulators have used feather dusters when it comes to elite bankers - and only actions against elite bankers matter. Fines against banks cannot deter frauds by officers. The officers who control the bank are delighted to use bank funds to negotiate deals in which there are large fines - but the government does not prosecute the officers or seek to claw bank their compensation and seek damages from them.
"Dimon proved the rule of law is a joke for the rich, and for that he will be handsomely rewarded," Wright adds.
Robert Reich offered his thoughts on Dimon's compensation on Friday, tweeting:
\u201cJamie Dimon's $20 m pay package for 2013 comes out to a million for every billion JPMorgan has been fined this year for illegal activities.\u201d— Robert Reich (@Robert Reich) 1390592207
___________________
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.