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Jamie Dimon Gets Pay Raise After Raking Up $25 Billion In Legal Fees
Earlier this week we reported that at JPMorgan, the many will pay for the crimes of the few, after the bank revealed that compensation for most workers would be flat with 2012, and no raises were planned for the bank's employees as a result of the massive, $20+ billion legal bill the bank has raked up in recent months as one after another market manipulation, fraud and malfeasance by current and former JPM workers has been revealed. One person, however, will be exempt from this blanket punishment: the firm's CEO Jamie Dimon, of course. Because there is always a reason Jamie is richer than you...
From NYT:
A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimon’s paycheck, the chairman and chief executive of JPMorgan Chase is getting a raise.
JPMorgan’s board voted this week to increase Mr. Dimon’s 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. Dimon’s 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 bank’s Park Avenue headquarters overlooking a snow-covered Central Park, discussed what message their next decision on the bank chieftain’s 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.
So what was the premise for the Dimon majority faction on the board to give him a raise?
"Mr. Dimon’s defenders point to his active role in negotiating a string of government settlements that helped JPMorgan move beyond some of its biggest legal problems. He has also solidified his support among board members, according to the people briefed on the matter, by acting as a chief negotiator as JPMorgan worked out a string of banner government settlements this year."
Well, "active role in negotiating settlements" sure is a new way to describe lying before congress about tempests in teapots. But at this point we are all well beyond the laughing stage. As for JPM's workers: we are confident they are delighted that while they get paid the same, their uberboss can afford one more fifth home.
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...and CEO's still cannot figure out why anyone that is not on their board of directors, is pissed at them.
As with our government, they should be rewarded as it could have been worse. The fact that they were instrumental in creating the disaster is just more irrelevant history.
what a d bag.
So did Jamie Rake or Rack?
Did he rake in the legal fees or did he rack up the legal fees, just curious?
C'mon Tyler's, your editor must be asleep at the wheel...does anyone look for a reality check anymore?
DaddyO
Thats why he is richer than you!
He will get paid, he knows not only where the bodies are buried, he still has the shovel!
pods
He doesn't give a shit what anybody thinks.
You probably wouldn't either if you were in his shoes.
I'm pretty sure I wouldn't
Power and money means more women, that's the whole meaning of animal life
If you:
(1) have not seen the Jamie Dimon "I'm richer than you" clip yet,
OR
(2) want to become enraged today,
watch this:
http://www.zerohedge.com/news/2013-02-27/jamie-dimon-thats-why-i-am-richer-you
Is that an NSA cufflink?
It reads " holy and untouchable person".
It's the presidential seal.
I don't know why .... but you reminded me of a sign in front of the local elementary school : " School Busses only ". It's been that way for a decade.
Don't worry Jamie, Obamacare covers this condition.
Sadly typographical, grammatical, and spelling errors are on the rise. Sometimes when I see the same grammatical error in two different publications I wonder if they're using the same shitty Indian editors. Its getting worse and worse...even the NY Times isn't immune!
I'll take your word for it on the Times.
pods
Itz troo, I sea it awl the tyme.
Englshs is ezy, mapth be hard
JPM - Charter of the Compensation & Management Development Committee MissionThe Compensation & Management Development Committee reviews and approves the corporation's compensation and benefit programs; ensures the competitiveness of these programs; and advises the Board on the development of and succession for key executives.
The purpose of the committee is to assist Board oversight of:
The corporation's compensation principles and practices.
The review of the relationship among risk, risk management, and compensation in light of the corporation's objectives, including its safety and soundness and the avoidance of practices that would encourage excessive or unnecessary risk-taking.
http://www.jpmorganchase.com/corporate/About-JPMC/compensation-committee...
Members of the JPM Compensation Committee.
Stephen B. BurkeMr. Burke has been Chief Executive Officer of NBCUniversal, LLC and Executive Vice President of Comcast Corporation since January 2011.
Lee R. RaymondMr. Raymond was Chairman of the Board and Chief Executive Officer of ExxonMobil from 1999 until he retired in December 2005
William C. WeldonMr. Weldon was Chairman and Chief Executive Officer of Johnson & Johnson from 2002. He retired as Chief Executive Officer in April 2012 and as Chairman in December 2012.
Sorry JPM employees. "It is a big club and you ain't in it..." George Carlin
Oldwood
Censored and filtered irrelevance.
Such is why history books are total bullshit beyond recorded dates.
Consider who restructured the education system @ beginning of the 20th century.
Same people, same shit.
I'm sure Obama has a full staff busily writing his new "history" and will have it inserted into the "educational system" before he leaves office. All that is important is that we believe what we are told. Anything else would be sedition, like all other truths. The only people being prosecuted by our federal government are those who would dare tell the truth, as they are security leaks that threaten our great nation (and its delusions).
"History will be kind to us, gentlemen, because we will write it." -- Winston Churchill
It kills me when people talk about solving income inequality through taxation. What, so we can get more crony capitalists like Dimon? That's how Inequality happens in the first place. Create fairer wages by forcing people to earn money, and punishing white collar criminals instead of giving them presidential cufflinks and a pat on the ass as they walk out of congress. And END THE FUCKING FED.
That which cannot be sustained, won't be. Buy physicals assest of real value and get your tribe in order. The only thing holding any of this together are fiat currencies and they are quickly going to their true value...
Yeah-but look at the bright side: when the People storm his house and office, there will be free gold bars and douchebags for everyone!
There's another issue that pisses me off, a majority of people are not happy with their representitives, yet the same assholes get re-elected.
You think they're trying to figure it out? LOL
"Jamie Dimon ... is a great banker." Barry Obama
Fuck you mother fucker.
No heart bastard.
fuck you J. ubernigger Dimon....
maybe if they put some more google adds in JPM's website, their revenue would increase and they could pay him even more?
just tossing the ball here...
and what about those TV royalties?
Need... Moar... Rope...
Piano wire, meat hooks( a la Mussolini Goes To A Gas Station.)
and some people still think the future is bright
Sad to say buzz most are just ignorant really have no understanding of the big picture here.
yeah, you'd think one look at hopey's friends (corzine, blankfein, dimon) would clue them in but alas. the entire country benefits from the actions of the banksta gangstas and the military oppressors/exploiters in some ways but i don't have to like it, especially the open looting and pillaging thing.
Moar Guillotines !
Why more ? it's always the same lads ! you can only decapitate a Jamie once
You'd think so, but another (bank) head just pops right up.
Too quick. This uberschwartz ought to have to suffer. Work camps in North Korea, or maybe having to feed all the homeless he helped create.
SilverDOG, I'd like you to quit your job, get your trucker's license, and build about about 20 functional guillotines, side by side, on a tractor trailer, and just drive around with it. Preferably in a menacing manner, but a businesslike or friendly manner would also be acceptable.
I'm nominating you for the job.
NOT FIRED. NOT JAILED. A RAISE !!!!!!
from his facebook page:
http://youtu.be/nKFDp9Y52-o
come on, be fair, it's not a raise, it's asset bubble inflation adjustment !
The head of the largest bank in the US said Thursday that bitcoin is a “terrible store of value,” in part because international governments, bankers, and other officials are unsure whether they can trust the digital currency.
Jamie Dimon, the CEO of JP Morgan Chase - which has $2.509 trillion in total assets - told CNBC that the cryptocurrency does not have much staying power because the hurdles it faces are insurmountable.
“It’s a terrible store of value. It could be replicated over and over,” he said. “It doesn’t have the standing of a government.”
http://rt.com/usa/chase-ceo-bitcoin-terrible-downfall-100/
The reason this is truly funny is due to the fact that I know at least one very smart MIT graduate (programmer/engineer) who is working at JPM helping them "secure a signifcant position" in bitcoin/litecoin. I wonder how many mining servers they have already.
Talking out both sides of one's mouth is the only way you ever make it, some things never change.
They also had very smart MIT grads telling them back in 2006 that the risk in all those subprime CDOs, etc. was still there, and hadn't actually been deminished via securitization and tranching, but it was the economics guys who thought they had mitigated risk by, in essence, distributing mainly to the shittier tranches.
Anyway, you can always play both sides of a trade when you have a system and government that will make sure your wins are kept private while your losses are socialized.
What's great about Dimon is he truly doesn't give a fuck. Bill Gates spends a lot of energy trying to look like part of the solution... Dimon doesn't even bother. You have to respect the man's naked contempt for the poors.
It's truly amazing how JPM and GS are always ahead of the curve buying into bubbles well ahead of everyone else.
It's almost like they knew something before anybody else...
/s
I would not underestimate Citi here..."the one true bank left" (with no securities division thus keeping them from doing "the crazy stuff.) It's still my contention not only that reputation matters in this line of work...but in the end that might be all you have.
you know he is leaving the country when the shit hits the fan
why would he leave?
HE PRACTICLY OWNS IT!
That's some gangster shit. I'm jelly.
Ah yes, the age-old observation of consequences for bad behavior and poor management applying to everyone except management.
Roll the motherfucking guillotines already, nothing changes otherwise.
"$25 Billion in legal fees? Just the cost of doing bidness." - Tony Soprano
but on a sidenote, they're innocent and didn't do whatever they did.
It makes you pretty sick to think that not only are the bankers robbing us blind, the parasitic lawyers are raking in billions and rarely receive a mention. From bogus class-action suits, to defending their thieves in arms, they are truly scum. They are a whole 'nother class of POS that deserve hanging...
Who cares about 25bn when you can create it out of thin air.
At least the people think you actually paid for it.
Can't resist the obvious: "that's why I'm richer than you"
"No job is too big. No fee is too big." -- Jamie Dimon.
they're like mercenaries..
just another reason why I went galt.
$20B in legal fees????
JPM board should have just erased Dimon and his family and saved a ton.
$20B in legal fees. Finally, other than prositution, there is an industry (Legal) that is benefitting from Ben's destruction of Western Civilization.
yeah, well what happens when "stimulus" is withdrawn too? This is not joke anymore...these are entire economies popping off like they were widgets in a factory.
Lifestyles of the Filth and Shameless
So what'cha gonna do 'bout it?
Should I even comment?
Poor Jamie, victim of Government Regulations. He deserves a raise for all the hardship.... WTF, untouchable ain't what it used to be I guess.
Congradulations Jamie! You earned it!! You've made America great, brought hope to countless millions, and cemented Americas rightful place as the ony superpower for the next centuary!! We are just SO proud of you! Keep up the good work!!
Jamie Dimon...weasel.
DavidC
The board of directors voted to give Dimon more than his salary in 2012 which was $11.5 million in cash and shares. The exact amount of the raise is unclear but an announcement is expected to come as early as Friday, said the report. The firm has had a challenging year as a target of government investigations and lawsuits and has paid out approximately $20 billion in settlements.
In Cash huh? Hmm I wonder how much of this was reported to the IRS...Oh wait Dimon is above the pleabs.
Classic. By releasing all this 'pacing the corridors' and 'heated talk' bullshit they make the directors seem 'tough' etc.
I'd bet a crap load of money that either the pacing and loud noises was for show, or more likely it didn't actually happen. Instead it got rubber stamped, just like the fraud gets rubber stamped and then BUSINESS AS USUAL!
Cheeze! I get up and turn on the TV for the futures and there's Lloyd Bankfiend to greet me. Whattaway to start the day.
http://www.finviz.com/futures.ashx
Since there is obviously no more rule of law for these guys, and articles in the Bill of Rights have been ignored, then the people will have to take it upon themselves to rid this country of these monsters. I kind of liked the Deck of Cards approach used in the Iraq War. Start dealing.
We'd need at least a UNO deck just to get started.
Star Chamber
Criminal banking class of America....fascists.
So the average employee gets no raise, but Dimon does. Why do we have Sarbanes Oxley again?
"Why do we have Sarbanes Oxley again?"
1. Maintain Pretense of Accounting principles
2. Give CEO Douchebags the vehicle to throw their employees under the bus
Mr. Dick Holder, could you answer Boobyrib's question please?
Amazing, but not surprising. What better proof of the complete disconnect between the "that is why we are richer than you" 1% and the rest of the country.
He'll need to be removed by force, or he will always be there.
Same goes for all other banksters and politicians.
One may feel sorry for it but one has to assume that against all odds shareholders are happy with JD's performance.
Moar Whales >>> Moar Compensation, Moar Cufflinks....
So, we absolutely know what the future of our kids and grandkids will be like.
Keep them safe from military service, at the very least.
BANKSTERS like doing it "in your face"......it turns them on!
Why any "investor" would place a bet on a company that pays out $30+B of shareholder profits to itself is beyond comprehension.
what that focus is all about ?
Doing God's work ?
"There's another issue that pisses me off, a majority of people are not happy with their representitives, yet the same assholes get re-elected."
Unless home voting districts stop fielding candidates who only serve TPTB and get rid of electronic voting there's no chance in hell of changing anything.
A change that needs to be made is local minicipalities should keep their tax money at home. Little for the states, 2% of that amount for the feds.
What's with the cuff link? Illuminati?
i think it is about doing God's work
Looks like a gold eagle.
You know its getting bad when they no longer need a scapegoat to get away with this shit.
And when your government on behalf of those banks in question are trying desperately to start a world wars with other super powers...
I guess when your a one in a sea of zeros you are a genius. That and the whole group who keep hiring each other for boards and management teams must all be sociopaths. Apparently if you can get away with it you are admirable.
Enjoy it Jamie....Cuz It Ain't gonna last fuckstick.
Your entire raise will buy you a cup of Jack Squat pretty soon.
25 billion. Just the cost of doing business and besides, that's our bailout tax money being recovered by the Feds. Ha ha ha h ah ah ah ha!
American Royalty, it's whats for dinner!
Once again proving beyond all doubt that crime does in fact pay...A LOT!
"It's good to be the king"
---Mel Brooks a.k.a. "King Louis XVI"
The next great b-school case study: How Jamie Dimon reduced the COFS (cost of frauds sold) at JPMorgan.
Crime Pays hansomely in America folks.
Just look at the poster child called Jamie Dimon and Lloyd Blankfein
I'm convinced the only way it will stop at this point is if selected European Nation(s) do to GS and JP Morgan senior management what they did a few years ago when The "Dick" Cheney and George Bush went to Switzerland and they were threatened with arrest for war crimes.
As Americans we truly are the most shameless lot on the planet. The only way we end up getting it is if we are either threatened or embarassed for what we already know is criminal behavior!
If it's going to get fixed it won't be Manahattan or D.C. that will be doing the honors!
The Great Whore of Babylon America will be destroyed.
I say Kunt with a capital "K" because it has more impact.
Did William H. Gray of the JPM audit committee approve this? Oh yeah, he dropped dead at Wimbledon.
Is Jamie's comp package tied to the amount spent on legal fees? The more JPM screws customers the more Jamie screws the shareholders--- GOT IT!
Watching that little shit Jamie and Lloyd sitting proud as a peacock in Davos after killing the world financial system-- is beyond belief!.. Pscychopathetic bastards....
Jamie's response to the board: "WTF is the big deal? It happened just like I told you it would. $25B for legal fees, $25B in fines and we clear $2 TRLLION in profit....STFU already and gimmee my raise!"
Fuck You Jamie!
I just can't stop looking at the Kardashian breasts under trending articles and offers. schwing.
They are easy to ingore when you consider who they're attached to.
We use words like "embarrassing trading blow-up" and "stern rebuke" and "multi-billion dollar trading blunder." We use these words as the backbone of defending something.
The New York Times
You looser.
I don't know. Can you stretch it over a rain barrel?
Get over it, it's just crime that pays.
Goddamn I hate these mother fuckers.
Dimon has the GPS coordinates of every skeleton in every JPM closet. Either he gets to keep his cufflinks or else...
That's why he's richer than you.
"That's why I'm richer than you! Mwahahahahaha!1"
1 implied but pretty obvious though not actually audible in original conference call
The money is the reimbursement of the penalty, fines and settlements for crimes. The fines we designed to pacify you, the public. It was never attended that this money would ever come any individual pocket.
Golly Wally, why waste all that money if another article was gonna turn around and make everybody mad again?
Beav that's about wipsawing the emotions, causing a dissonant state, unresolvable by anything accept resignation. In this way resistance is GROUND, BUZZSAWED and DESTROYED and the public goes back to its feelings of powerlessness. It's called concensus building.
NSA now editing already posted items:
The money is reimbursement of the penalties, fines, and settlements for recent crimes. The fines were designed to pacify you, the public.
It would seem they have determined: if you butcher the first sentence of a post people will stop reading.