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
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:
___________________
An Urgent Message From Our Co-Founder
Dear Common Dreams reader, It’s been nearly 30 years since I co-founded Common Dreams with my late wife, Lina Newhouser. We had the radical notion that journalism should serve the public good, not corporate profits. It was clear to us from the outset what it would take to build such a project. No paid advertisements. No corporate sponsors. No millionaire publisher telling us what to think or do. Many people said we wouldn't last a year, but we proved those doubters wrong. Together with a tremendous team of journalists and dedicated staff, we built an independent media outlet free from the constraints of profits and corporate control. Our mission has always been simple: To inform. To inspire. To ignite change for the common good. Building Common Dreams was not easy. Our survival was never guaranteed. When you take on the most powerful forces—Wall Street greed, fossil fuel industry destruction, Big Tech lobbyists, and uber-rich oligarchs who have spent billions upon billions rigging the economy and democracy in their favor—the only bulwark you have is supporters who believe in your work. But here’s the urgent message from me today. It's never been this bad out there. And it's never been this hard to keep us going. At the very moment Common Dreams is most needed, the threats we face are intensifying. We need your support now more than ever. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. When everyone does the little they can afford, we are strong. But if that support retreats or dries up, so do we. Will you donate now to make sure Common Dreams not only survives but thrives? —Craig Brown, Co-founder |
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:
___________________
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:
___________________
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.
To inform. To inspire. To ignite change for the common good.
News & Opinion
Trending
Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit
Privacy Policy