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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCrime Pays: Fined Billions, JPMorgan Chase Will Give Dimon a Raise
A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimons paycheck, the chairman and chief executive of JPMorgan Chase is getting a raise.
JPMorgans board voted this week to increase Mr. Dimons annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter. The raise the details were not made public on Thursday follows a move by the board last year to slash Mr. Dimons compensation by half, to $11.5 million.
When it made that deep pay cut, the board was giving a stern rebuke over the fallout from the London Whale multibillion-dollar trading blunder. This week, directors, gathered in a conference room at the banks Park Avenue headquarters overlooking a snow-covered Central Park, discussed what message their next decision on the bank chieftains compensation would send.
The debate pitted a vocal minority of directors who wanted to keep his compensation largely flat, citing the approximately $20 billion in penalties JPMorgan has paid in the last year to federal authorities, against directors who argued that Mr. Dimon should be rewarded for his stewardship of the bank during such a difficult period. During the meetings, some board members left the conference room to pace up and down the 50th-floor corridor.
http://dealbook.nytimes.com/2014/01/23/fined-billions-bank-approves-raise-for-chief/?_php=true&_type=blogs&hp&_r=0
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Crime Pays: Fined Billions, JPMorgan Chase Will Give Dimon a Raise (Original Post)
spanone
Jan 2014
OP
Steal hundreds of billions, pay a few billion in fines and a few million to buy congress-critters.
Scuba
Jan 2014
#1
Half of Jamie Dimon’s paycheck at $11.5 Million is crazy compensation after a multi-billion dollar..
democratisphere
Jan 2014
#3
Scuba
(53,475 posts)1. Steal hundreds of billions, pay a few billion in fines and a few million to buy congress-critters.
He "earned" his raise.
spanone
(135,827 posts)2. but rob a 7-11 of 30 bucks and you can do hard time....ain't that america
democratisphere
(17,235 posts)3. Half of Jamie Dimon’s paycheck at $11.5 Million is crazy compensation after a multi-billion dollar..
trading blunder with $20 billion dollars in penalties. CEOs are rewarded for good, bad and horrendous performance.
spanone
(135,827 posts)4. it tells me that JP Morgan 100% supports his crime
fredamae
(4,458 posts)5. Pretty Slick Gig
if you ask me--Nice to know there are ways to continue to force Us to Rescue the Most Wealthy People in the World by being relegated to nothing more than a tax payer funded ATM for the 1%