JPMorgan, James Dimon
Who says there is no such thing as a free lunch? JPMorgan Chase’s board just unanimously endorsed a 74% boost in Chief Executive, James Dimon’s salary to $20 million for a “heck of a job well done” for $20 billion JP Morgan suffered in legal costs and for suffering its first quarterly loss in nine years. Most of Dimon’s massive compensation package was in the form of bonuses which ignored $6 billion in trading losses which along with its other losses severely sullied its reputation. The $20 million amounts to $1 million for each billion paid to avoid admitting to outright fraud to government investigations into its illegal activities. Most recently, JPMorgan agreed to pay $2.6 billion for failing to disclose a massive Ponzi scheme perpetrated by Bernie Madoff. Inexplicably, government investigators failed to seek criminal charges and Dimon and his co-conspirators escaped donning on orange jump suits and being fitted with ankle chains for their high rolling activities. As the Good Book says “For he that hath, to him shall be given: and he that hath not, from him shall be taken even that which he hath.”
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