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West vs East Banker Pay Comparison: JPM's Jamie Dimon: $23,000,000; ICBC's Jiang Jianqing: $308,000

Tyler Durden's picture





 

Everyone knows that China is different than the US, but one area in which little is known about just how vast the difference is, is banker pay. Which is why the following comparison may come as a surprise. According to Bloomberg, the difference between pay for Jamie Dimon, head of the US' largest bank JPM, and Jiang Jianqing, head of ICBC - the world's most profitable bank, is simply stunning. Last year, Jamie - the head of the bank ensnared in everything from Liborgate, to the London whale fiasco, to MF Global client fund "confiscation", got paid $23 million. His Chinese counterpart? A tiny $308,000. This translated into $1.21 million for every $1 billion in profit for the JP Morganite, and $9,400 for the same profit for the ICBC head: a nearly 130x differential! Perhaps it is time shareholders of US financial companies demanded the same kinds of pay-for-performance metrics as those already in place in China.

Some other considerations via Bloomberg:

That pay-to-performance gap is set to widen this year. The state-controlled Chinese lender, led by Chairman Jiang Jianqing, may post second-quarter net income of $9.63 billion on Aug. 30, while Bank of China Ltd. will probably report $5.44 billion tomorrow, according to analysts’ estimates. New York-based JPMorgan last month reported a 9 percent decline to $4.96 billion following its trading loss in London.

 

Pay hasn’t kept pace with earnings in China, where government-appointed bankers have escaped the ire directed at overseas rivals for losing money on complex derivatives, money laundering or rigging rates. Still, the banks’ shares remain weighed down by concern that slowing economic growth will trigger defaults by developers and local governments.

 

“Chinese banks are risk averse due to culture, a different executive compensation structure” and the profitability of their lending operations, said Himanshu Shah, chief investment officer of Shah Capital Management in Raleigh, North Carolina. However, the banks are changing and will “resemble their Western counterparts to a great extent over the next five years.”

Great: all the world needs is a bank so big it can hold not just America, but the entire world hostage.

Ironically, Chinese banks, just like America's are no strangers to bailouts:

China’s top bankers have escaped the tarnish of such scandals in recent years. The state-run lenders were transformed from almost insolvent institutions with spiraling defaults a decade ago with the help of more than $650 billion in bailouts. The four largest banks, all based in Beijing, went on to raise a combined $64.5 billion through first-time share sales starting in 2005 and now rank among the seven biggest by market value in the world.

In other words, Chinese banks did precisely what US banks should have done - be run as utilities, with modest executive pay, while taking advantage of a soaring market to recapitalize and become self-sustaining. Sadly, western banks did just the opposite.

How do some other banks compare?

Dimon, who is both chairman and chief executive officer of JPMorgan, was awarded total 2011 compensation of $23 million, including a salary, bonus and stock options. The 56-year-old was the highest-paid banker among 50 CEOs at the largest U.S.-based financial companies, according to the Finance 50 annual ranking by Bloomberg Markets.

 

In the U.K., HSBC Holdings Plc said it would pay CEO Stuart Gulliver, 53, as much as 13.3 million pounds ($21 million) including long-term bonuses for last year, making him Britain’s best-paid banking chief. Local rival Barclays Plc awarded Bob Diamond, 61, as much as 12.5 million pounds.

Oddly enough, massive comp does not appear to be a primary need for the Chinese bank CEO:

Jiang’s annual compensation has stagnated in the last two years, the bank’s annual reports showed. China’s largest lender has frozen salaries for management this year, the 21st Century Business Herald newspaper reported May 29, citing people it didn’t identify. ICBC press official Wang Zhenning declined to comment.

 

Construction Bank, the world’s second-largest lender by profit, may post a 10 percent gain in net income on Aug. 26 to 50 billion yuan, according to the analysts’ estimates. Pay for its chairman has varied, dipping to 1.57 million yuan in 2008 before climbing to as much as 1.83 million yuan in 2010.

There is however a twist:

The executives aren’t motivated by their salaries because “they are more concerned about their career path as a government official,” said Oliver Rui, a professor of finance and accounting at the China Europe International Business School in Shanghai. “They are half professional, half politician.”

That sounds like a fair exchange - if US bankers demand to be paid the exorbitant compensation they have received in the past, can they please stay out of politics at least? And that includes bribes, and other forms of lobbying.

A complete list of who got paid what in China, is available here

Full clip

 


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Wed, 08/22/2012 - 07:50 | Link to Comment hugovanderbubble
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ICBC is in default

Wed, 08/22/2012 - 07:52 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Lack of incentive....can you really blame them?

 

Wed, 08/22/2012 - 07:59 | Link to Comment bnbdnb
bnbdnb's picture

I need to see $30b salaries to inspire me.

Wed, 08/22/2012 - 08:43 | Link to Comment malikai
malikai's picture

It might be a good time to consider outsourcing bank executive jobs to China.

Wed, 08/22/2012 - 08:58 | Link to Comment FEDbuster
FEDbuster's picture

COLA for NYC??

Wed, 08/22/2012 - 09:02 | Link to Comment Fukushima Sam
Fukushima Sam's picture

For a proper analysis we also need a comparison between NY and Beijing prices for high-end hookers, trophy wives, and good cocaine.

Wed, 08/22/2012 - 11:42 | Link to Comment Precious
Precious's picture

If Jamie Dimon was in China, he would be currently occupying the prisoner kidney-donor ward.

Wed, 08/22/2012 - 10:53 | Link to Comment dbomb12
dbomb12's picture

When hyperinflation kicks in i doubt he get any additional bonus or pay raise, Then that pay scale will be appropiate for that low life scumbag

Wed, 08/22/2012 - 08:18 | Link to Comment Rusticus
Rusticus's picture

But, but ... "if we don't pay record bonuses the talent will go somewhere else" ... tho  clearly not to China.

Wed, 08/22/2012 - 09:34 | Link to Comment saturn
saturn's picture

Let those talents go to Mars.

Wed, 08/22/2012 - 07:57 | Link to Comment Chief KnocAHoma
Chief KnocAHoma's picture

Come on.... this isn't even a fair comparison... I mean after all... Dimon is white.

Wed, 08/22/2012 - 08:28 | Link to Comment AnAnonymous
AnAnonymous's picture

Dimon is an Indo European but also an 'American'.

Article reports that 'Americanism' is pushing in Chinese banks and the 'american' normality should be hit in 5 years.

Quite a good reason for many chinese to push for 'Americanism'

'Americanism' is spreading in China.

Wed, 08/22/2012 - 13:16 | Link to Comment akak
akak's picture

 

'Americanism' is spreading in China.

Insanitation is spreading in the warped and bigoted mind of AnAnonymousAsshole.

Wed, 08/22/2012 - 09:28 | Link to Comment TN Jed
TN Jed's picture

Not to mention that picture of him looks like Alfred E. Neuman.  You can almost hear, "What, me worry?"

Wed, 08/22/2012 - 10:20 | Link to Comment Bahamas
Bahamas's picture

White as...hhhmm...askenazi white

Wed, 08/22/2012 - 08:03 | Link to Comment Monedas
Monedas's picture

We have firemen who make more than Jiang .... he's underpaid !

Wed, 08/22/2012 - 08:18 | Link to Comment mckee
mckee's picture

+165

Wed, 08/22/2012 - 10:00 | Link to Comment Whoa Dammit
Whoa Dammit's picture

Jamie gets the big bucks because he can magically vaporize customer funds from completely unaffiliated brokerage firms and keep that cash as a JPM asset. 

Chinese CEO bankers can't compete with Dimon because the Chinese people have an intense rope fetish when it comes to banksters who cheat them.

Wed, 08/22/2012 - 22:09 | Link to Comment thefedisscam
thefedisscam's picture

The U.S. will be Bankrupt BEFORE ICBC is in default!

Wed, 08/22/2012 - 07:51 | Link to Comment pepperspray
pepperspray's picture

Cufflinks differential--

Wed, 08/22/2012 - 07:51 | Link to Comment Quinvarius
Quinvarius's picture

They must base it on how much money you lose.

Wed, 08/22/2012 - 07:55 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Jamie wins again......give that boy a raise.....and have him go on a vacation.

 

I'm serious...the last conference call cost us a freakin fortune!

 

Wed, 08/22/2012 - 08:07 | Link to Comment Temporalist
Temporalist's picture

Corzine's severance package from Muppet Fleecing Gulag was worth $12.1 million.

Wed, 08/22/2012 - 07:51 | Link to Comment tocointhephrase
tocointhephrase's picture

Sick

Wed, 08/22/2012 - 07:55 | Link to Comment Jason T
Jason T's picture

Wasn't that how is was in the US 50 years ago?  Substantially lower pay of our execs.   

Wed, 08/22/2012 - 07:56 | Link to Comment dwayne elizando
dwayne elizando's picture

Well maybe chinese bankers should take a class on how to properly rape their country from Jamie Dimon.

Wed, 08/22/2012 - 08:24 | Link to Comment jayman21
jayman21's picture

 

 

 

Lesson One - Create a central bank that sounds like the people own it.  Make sure you own it but say it must remain secret or the central bank cannot do its job.

Lesson Two - Make sure you own or have influence on the media.  They will be useful to herd the slaves into bad trades.  There is always a sucker.  Also useful to keep the herd distracted from the banking game.

Lesson Three - Make sure your version of history is being taught.  This sounds long term but it does pay off.  Make sure to leave out that the run from 1932-1937 was one of the largest bull runs in the history of the markets.  This one got away from us.

Lesson Four - Make sure you hire from a few Universities and pay the people handsomely.  Have professors make bullshit studies to keep the herds in check.  They think these people are smart.

Lesson Five -Make sure you set up spender of last resort so you can continue to make loans out of thin air.  The herd might take breaks.  It is documented through out history.  Federal gov't are always eager to be spender of last resort.  The herd will pay the interest with taxes.

Lesson Six - Laugh all the way to the bank.  It is good to be king.

Wed, 08/22/2012 - 07:56 | Link to Comment buzzsaw99
buzzsaw99's picture

it's only clownbux

Wed, 08/22/2012 - 07:58 | Link to Comment shovelhead
shovelhead's picture

Yabut,

See how happy Jaime looks compared to Jiang.

Priceless.

Wed, 08/22/2012 - 08:00 | Link to Comment Disenchanted
Disenchanted's picture

 

 

No matter how much more Jaime makes in 'clownbux', he's still just an employee...as is Jiang.

Wed, 08/22/2012 - 10:06 | Link to Comment Disenchanted
Disenchanted's picture

 

 

LOL! Would one of you -5 folks care to prove how I'm wrong?

 

Does stating the fact that Dimon is just an employee ruin his future scapegoat value?

The bottom line is, even though he might act the bigshot Jaime does as he's told.

Wed, 08/22/2012 - 07:59 | Link to Comment New American Re...
New American Revolution's picture

In the 1600 and 1700's, Jamie and Lloyd would have been hung by the neck... not a bad idea today.

Wed, 08/22/2012 - 08:00 | Link to Comment Bazinga
Bazinga's picture

China is the one place where bankers who screw you get executed. Nice approach.

Wed, 08/22/2012 - 08:03 | Link to Comment Disenchanted
Disenchanted's picture

 

 

Seems like the Asians don't worship their banksters...

 

Vietnamese police arrest top banker - International - Scotsman.com 

 

Vietnamese police have arrested one of the country’s wealthiest banking tycoons for undisclosed financial crimes.

Wed, 08/22/2012 - 08:25 | Link to Comment AnAnonymous
AnAnonymous's picture

It is not like the US did not wage a war on Vietnamese to teach'em 'Americanism'

Wed, 08/22/2012 - 13:20 | Link to Comment akak
akak's picture

It is not like the Communist Chineses did not invade Vietnam and wage war on the Vetnamese in 1978 --- and got their butts kicked.

Wed, 08/22/2012 - 08:00 | Link to Comment Freewheelin Franklin
Freewheelin Franklin's picture

A seat on the NY Fed is expensive, these days.

Wed, 08/22/2012 - 08:01 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

He gets paid by incentive on how much wealth he is able to skim from the rest of us. 

Wed, 08/22/2012 - 08:01 | Link to Comment jayman21
jayman21's picture

I would have that smile too.  I just took a shit and stole another 2 million dollars:-)

Wed, 08/22/2012 - 08:03 | Link to Comment Temporalist
Temporalist's picture

This is not news compared to what is really important:

Tom Cruise and Katie Holmes divorce finalised

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/9491893/Tom-C...

Wed, 08/22/2012 - 08:05 | Link to Comment TrustWho
TrustWho's picture

Katie did a number on Tom.

Wed, 08/22/2012 - 08:23 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Not all that impressive considering he's batsh!t crazy.

 

Wed, 08/22/2012 - 08:03 | Link to Comment caimen garou
caimen garou's picture

jamie getting paid 22,999,999; to much!

Wed, 08/22/2012 - 08:09 | Link to Comment tallen
tallen's picture

$23,000,000 too much. That's why he's smiling.

Wed, 08/22/2012 - 08:50 | Link to Comment malikai
malikai's picture

I'd say he's getting paid $250,000,000,000 too much.

Wed, 08/22/2012 - 08:03 | Link to Comment TrustWho
TrustWho's picture

When a person needs $23 million to do her job to the best of her abilities, the morality of that society must be questioned.

I understand value based pricing but also appreciate cost based pricing and the value of team work. The Bible documents a code that drives a successful society and a society can ignore this code at its peril. Other religious documents do the same. 

Wed, 08/22/2012 - 08:07 | Link to Comment Econmike
Econmike's picture

I thought we agreed not to believe any Chinese numbers. $308,000 a year, but he's also got about 15 condos in Beijing, his relatives are on the Boards of every SOE, and he has a horde of mistresses.

Chinese don't declare assets under any circumstances. They learned that lesson.

Wed, 08/22/2012 - 08:22 | Link to Comment mckee
mckee's picture

you had me at horde of mistresses

Wed, 08/22/2012 - 08:11 | Link to Comment Monedas
Monedas's picture

The real question is how high up the Communist hierachy in North Korea/China do you have to be to enjoy all the benefits, perks, freedom and food choices of an average welfare slut in America !    My guess is upper 1 per centile !          "Never underestimate the power of the greed of the poor !".... Monedas    1929         Comedy Jihad Pampered Poor Tour

Wed, 08/22/2012 - 08:15 | Link to Comment Econmike
Econmike's picture

I teach economics at a Chinese high school in Qingdao. We have 24 year old assistants that drive BMW's.

Wed, 08/22/2012 - 10:20 | Link to Comment nowhereman
nowhereman's picture

That may be true, but I dare to conjecture that a BMW costs much less in China than it does in the US.  Americans are a culture of narcisists who like to display their wealth through their toys, and pay a premium due to the media hype of the "luxury" brand.

If you need an example of this, ask yourself why taxis in the middle east are almost exclusively Mercedes Benz, a utility vehicle.

Wed, 08/22/2012 - 10:45 | Link to Comment Econmike
Econmike's picture

And you would be wrong. Luxury cars cost much more in China than the USA.

Wed, 08/22/2012 - 12:20 | Link to Comment 11b40
11b40's picture

You obviously know nothing of China.  That BMW costs about 2-3 times more in China.  They are protecting their nascent auto industry with very high tariffs on imports, including American.  A $30K Jeep goes for about $80K in China.

As to why there are so many Mercedes Taxi's around the world, it's called long-term cost of operation.  Most are Mercedes diesels that will easily go 250,000+ miles without an engine re-build, and they have bodies that hold up well enough to make re-builds very proffitable.

Wed, 08/22/2012 - 22:18 | Link to Comment thefedisscam
thefedisscam's picture

Get your fact STRAIGHT! BMW cost THREE TIMES MORE in China than in the U.S. !

Wed, 08/22/2012 - 10:25 | Link to Comment Bahamas
Bahamas's picture

They might all live under bridges as Chinese reason like this: people see what I drive, not where I live:

Wed, 08/22/2012 - 08:11 | Link to Comment lolmao500
lolmao500's picture

But but but... communism! Funny that America has now become more corrupt at the bankster/government level than the legendary corrupt China...

Wed, 08/22/2012 - 08:11 | Link to Comment TWSceptic
TWSceptic's picture

There is nothing inherently wrong with earning a ridiculous amount of money. The problem in this case is the system behind it.

Wed, 08/22/2012 - 13:08 | Link to Comment 11b40
11b40's picture

There is no problem earning any amount of money that you can earn, IF you own the company.

On the other hand, these glorified "professional managers" with none of their own skin in the game and a resume in their desk drawer DO NOT deserve to be able to loot public companies like this.  They stack their boards with lackeys and fellow senior execs who hire "compensation consultants" to tell them how great they are and how much they deserve, then move on to the next company and tell their board the same thing.  You think these assholes will hire a compensation consutant who might tell them they are worth about 10% of what they make? 

Privately owned companies do not compenate their senior execs so lavishly.  Owners pay much closer attention to this garbage, and know the real value of their hires.  As a stockholder, and a small business owner, this has been one of my pet peeves for years.

Wed, 08/22/2012 - 17:03 | Link to Comment TWSceptic
TWSceptic's picture

I agree but the point was if someone wants to pay him that, that is called freedom. The fact that it is such a ridiculous amount is because there is obviously something wrong with the banking system. I seem to get junked for defending Dimon, but I'm really not. He is the parasite that lives off the rigged system.

Thu, 08/23/2012 - 13:27 | Link to Comment 11b40
11b40's picture

We are essentially on the same page, but the point remains the "someone" does not want to pay him that amount.  His BOD has negotiated with him (or his lawyers) for that amount and caved to his demands.. Otherwise, they get booted from the Board.  The real owners of the company, the stockholders, have no say about getting raped.

Now, you can say go invest womewhere else, and the returns justify the salary, but that is just BS.  Who is to say that someone earning $4 million would not have done just as well, or better?  This who executive compensation thing is just another racket; another way for the leeches to further bleed the system.

Wed, 08/22/2012 - 08:11 | Link to Comment AR
AR's picture

Our opinion, Jiang Jianging is a very good banker, and a very intelligent man.  He understands the "big picture" and where China distinctly fits into the world stage.  For those of you who like to read about China and better understand their system of politics and finance, try to pick up a copy of (hard to get).  Good luck everyone.

How China's Leaders Think.  Written by Robert Lawrence Kuhn (Published in 2010 by John Wiley & Sons)

Wed, 08/22/2012 - 08:15 | Link to Comment Itch
Itch's picture

23 million LOL. He should be slapped 23 million times for his madness. Stunning, just stunning stupidity from society to let this happen. If these dickweeds were working as hard as they should for 23 million a year, they would all be dead already. Instead they are all running around with glowing complexions in their 50’s, pictures of health...how the flying f**k is that even possible? ...Because they dont actually care? Yep. 

Wed, 08/22/2012 - 08:19 | Link to Comment FunkyOldGeezer
FunkyOldGeezer's picture

Western re-set imminent.

 

Wed, 08/22/2012 - 08:21 | Link to Comment hugovanderbubble
hugovanderbubble's picture

LONG CHINESE  2yr CDS¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡¡

Wed, 08/22/2012 - 08:21 | Link to Comment MsCreant
MsCreant's picture

Yowsers!

A Jamie douching first thing in the morning: NOT REFRESHING!

Stop it Tyler or I'll tell Robot Trader's Mom!

Wed, 08/22/2012 - 08:34 | Link to Comment lizzy36
lizzy36's picture

The BBC reporting on ZH theme than wealthy are leaving China.

The interesting point is this:

 

Chinese entrepreneurs with at least half a million dollars to spare are being
encouraged to invest in the US economy.

The EB-5 visa scheme is an investment-for-residency programme, handing out
green cards as long as the investment can be shown to have created at least 10
jobs.

In 2006 Chinese nationals were granted just 63 visas under the scheme. Last
year the figure had leapt to more than 2,408 and this year it is already above
the 3,700 mark.

It means a tidal wave of Chinese money is currently pouring into US
infrastructure projects.

The scheme is open to any nationality but Chinese investors now make up 75%
of the total.

http://www.bbc.co.uk/news/world-asia-china-18966261

 

Wed, 08/22/2012 - 08:42 | Link to Comment rtalcott
rtalcott's picture

And you should see what they are investing in....talked to a few that put their cash in a perpetual motion machine factory in Missouri...no shit...'effing amazing...many of them are not too bright.

 

Wed, 08/22/2012 - 14:33 | Link to Comment tip e. canoe
tip e. canoe's picture

interesting...care to share the name of the company?

Wed, 08/22/2012 - 10:37 | Link to Comment Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

It would have been easier not to let the money leave in the 1st place.  Whoever has all the manufacturing has all the money.  U don't need some fancy economics degree to know that.

Wed, 08/22/2012 - 08:32 | Link to Comment Yen Cross
Yen Cross's picture

 $308,000.00 x 6.3571= 1,957,986.8 yuan @ current spot rate. Dimon needs a $22.5m paycut!

Wed, 08/22/2012 - 08:33 | Link to Comment LawsofPhysics
LawsofPhysics's picture

That which connot be sustained, won't be.  No worries.

Wed, 08/22/2012 - 08:37 | Link to Comment IMA5U
IMA5U's picture

and that is why its good to be an american

 

U S A

U S A !!!!!!!!!!!

Wed, 08/22/2012 - 22:26 | Link to Comment thefedisscam
thefedisscam's picture

You are the Classic example that why the Amerians are DESERVED for being screwed by these highly paid crook bankers.  LOL!

Wed, 08/22/2012 - 08:50 | Link to Comment gimli
gimli's picture

Jaime earns every penny, after all, it's not only JPM -- he has the Federal Reserve and the White House to run also.

Wed, 08/22/2012 - 08:52 | Link to Comment Everybodys All ...
Everybodys All American's picture

That is quite sickening and stark in contrast. Especially when so many people are out of work or under employed in this country. Imagine how many just underneath Dimon are making major dollars as well. I know they have great responsibilities but they simply as a bank are not performing that well to justify those kind of figures.

How in the world can this ever be reigned in other than to break it apart.

Wed, 08/22/2012 - 08:53 | Link to Comment onebir
onebir's picture

"The executives aren’t motivated by their salaries because “they are more concerned about their career path as a government official,” "...

because the opportunities for (future and present) 'off-the-record income' depend on their political power.

I've had several conversations with Chinese people, that made it pretty clear that 'other income' (e2wai4 de qian2 = bribes to you & me) starts to become significant as soon as someone gets control of a spending budget (or other influence on spending).

An example of the latter: spending on prescription drugs. One reason antibiotics are heavily prescribed in China is that many doctors are paid 'commissions' by drug companies, based on how much of their drugs they prescribe. This is what a doctor's daughter told me... (How do they know who prescribed what? Paid-off staff in the hospital accounts departments...)

Unless ZH really is the 'intellectual monoculture' some claim, the Tylers would do well to run China stories by some Chinese and westerners based in China to avoid coming to false conclusions like 'US bad, China good'.

Wed, 08/22/2012 - 10:04 | Link to Comment nowhereman
nowhereman's picture

As if that doesn't happen here.  Drug companies pay physicians here to prescribe their product through lavish vacations and kickbacks.

As an example, one of the most prescribed medications in the US is "statins".

"Statins" are used to lower blood cholesterol, "statins have also been shown to cause diabetes.  There is an epidemic of diabetes in the US.  Put two and two together and tell me what your conclusion is.

Corporatism will lead to the death of us all.  The media will report on these corporate payoffs in foriegn countries, but fail to report it here.

My advise is to get your head out of your ass and see the US for what it truly is.  At least the Chinese know their government is corrupt.  Americans, on the other hand, not so much.

Wed, 08/22/2012 - 08:55 | Link to Comment twocents
twocents's picture

Can we PLEASE have a caption competition on this...

 

https://lh6.googleusercontent.com/-IA2MTxnRp3o/UDO5ditjOiI/AAAAAAAAEp8/w...

I'll kick-off. "Hey Jamie, why don't you try sticking your head up your arse - see if it fits."

Wed, 08/22/2012 - 09:05 | Link to Comment yogibear
yogibear's picture

This is America, the land of the bankster. The US has switched from engineering to financial engineering. From manufacturing to paper shuffling. The Chinese need to learn those that actually do the work get paid the least. 

Wed, 08/22/2012 - 09:05 | Link to Comment ClassicCommodity
ClassicCommodity's picture

It pays to be white.

Wed, 08/22/2012 - 22:29 | Link to Comment thefedisscam
thefedisscam's picture

I bet you are a WHITE too. So why aren't you got paid for $23 million???

LOL

Wed, 08/22/2012 - 09:11 | Link to Comment rufusbird
rufusbird's picture

So, does he get a two million dollar paycheck every month?

Wed, 08/22/2012 - 09:24 | Link to Comment Kina
Kina's picture

And yeh, in China if you are corrupt you get your brains blown out. They need that rule for banksters in the US.

 

(but then there would be no banksters left in the US)

Wed, 08/22/2012 - 09:29 | Link to Comment Venerability
Venerability's picture

In related news, Dimon announced that he intended to buy 60 Chinese bankers as house pets.

"They are so cute and cuddly," he commented.

 

Wed, 08/22/2012 - 09:45 | Link to Comment Bartanist
Bartanist's picture

This is EXACTLY why the US banks will ultimately fail. They have set themselves up as ersatz rulers of the country when they should be utilities. To camoflauge their corruption, they have recruited a heirarchy of corporate CEOs and ensured that they are paid about 100X more than would be healthy for sustaining the business and they have created massive amounts of funny money to bribe politicians so that their power grab, self-indulgence and sociopathic acts are technically legal.

Wed, 08/22/2012 - 10:21 | Link to Comment Blue Horshoe Lo...
Blue Horshoe Loves Annacott Steel's picture

So, communists are better at loaning out money than fascists.  

&, to any Americans still stupid enough to believe the USA is capitalist, the Fed handing out $17 trillion+ to banks while the government cries broke when it comes to national healthcare (or any benefits for its citizens) is proof corporations run the government, not "The People".

If there are any capitalists left in the USA, they'll have to be "re-educated" in FEMA camps.

Wed, 08/22/2012 - 10:21 | Link to Comment Remington IV
Remington IV's picture

ICBC will default on 40% of its loans and need a bailout

Wed, 08/22/2012 - 22:31 | Link to Comment thefedisscam
thefedisscam's picture

You are SUCH a JOKE!

Wed, 08/22/2012 - 10:22 | Link to Comment chinaboy
chinaboy's picture

The reason JPM is paid higher becuase it has a market control role. Look at the Dow. Judging by the Shanghai index, Jiang is still paid too high.

Wed, 08/22/2012 - 10:23 | Link to Comment dolph9
dolph9's picture

Another way to look at this is that China is just the bitch of the American bankers.

Caught in the middle are of course the "ordinary" people in both countries.

Wed, 08/22/2012 - 10:31 | Link to Comment poor fella
poor fella's picture

So what?!? Jamie single-handedly built that..

Wed, 08/22/2012 - 10:47 | Link to Comment Lost Wages
Lost Wages's picture

Over 100 years ago the western elite were writing that they might bring in the Chinese to control Africa for the globalists, so I have a feeling the Chinese work for Jamie.

Wed, 08/22/2012 - 15:11 | Link to Comment Lost Wages
Lost Wages's picture

Source:

Francis Galton, letter to the Editor of The Times, June 5 1873.

http://www.galton.org/letters/africa-for-chinese/AfricaForTheChinese.htm

Wed, 08/22/2012 - 10:54 | Link to Comment Scalaris
Scalaris's picture

Li Fanrong (CNOOC) : Total Compensation 2011: $135,872

Rex W. Tillerson (Exxon Mobil Corp) : Total Compensation 2011: $34,920,506

 

Wed, 08/22/2012 - 10:56 | Link to Comment Grand Supercycle
Grand Supercycle's picture

Risk off sentiment ~ SPX 8 hour bearish chart warning continues and FTSE daily chart gives bearish warning.

Of course central bank intervention could burn more shorts and reverse this scenario...

http://www.zerohedge.com/news/2012-12-24/market-analysis

Wed, 08/22/2012 - 11:19 | Link to Comment Pseudolus
Pseudolus's picture

Please what is this shit?

Comparisons are odious - especially with anything china related

It must be me, rather than that Tylers becoming a fucking euro-liberal tool...

“There is, in fact, a manly and lawful passion for equality which excites men to wish all to be powerful and honored. This passion tends to elevate the humble to the rank of the great; but there exists also in the human heart a depraved taste for equality, which impels the weak to attempt to lower the powerful to their own level, and reduces men to prefer equality in slavery to inequality with freedom.”

 

— Alexis de Tocqueville, Democracy In America

Lets do something about acquiring greater freedom, not more equality

 

 

Wed, 08/22/2012 - 12:53 | Link to Comment memyselfiu
memyselfiu's picture

You're talking apples and oranges while this article is talking apples and apples. Tell me one fucking reason why Dimon is entitled to the compensation he receives. One that makes any kind of sense.

Wed, 08/22/2012 - 14:51 | Link to Comment Pseudolus
Pseudolus's picture

Dimon's 'value' wasn't my point. I don't know if Dimon is worthy of his compensation. Neither do you.

Consider this: its not our call either

If it is, why stop at him...do you demand to know the salaries of your colleagues? Your line manager? Should they have to justify their compensation to you?

Such motivations are fuelled by envy and motivated by simple will-to-power. No better than the banskters you whinge about.

Franklin had something to say about the Liberty/Security relationship that we could all benefit from heeding

Dismiss as you like

Wed, 08/22/2012 - 11:30 | Link to Comment Againstthelie
Againstthelie's picture

How high is the average income in China and USA?

Wed, 08/22/2012 - 11:31 | Link to Comment judejin
judejin's picture

guys, heads of state-owned enterprises including the big 4 banks are all corrupt.

they actually make more than western counterparts by corruption and embezzlement.

corruption is as rampant in china as obesity in the USA.

Wed, 08/22/2012 - 12:30 | Link to Comment analyzer_66
analyzer_66's picture

big time, corruption is china pre-dates american corruption by several hundred years.  the opium trade being a major element of same.

Wed, 08/22/2012 - 14:29 | Link to Comment SmittyinLA
SmittyinLA's picture

The risks in China are far higher too, when you screw up you don't go to a higher position of power and influence, they just shoot you in the head and bill your wife for the bullet. 

Wed, 08/22/2012 - 23:12 | Link to Comment iconoclast2020
iconoclast2020's picture

This story seems in line with the notion that Ben Bernanke and the Federal Reserve are Dimon's and JPM's b!tche$.

Consider how Bernanke is one of the lowest paid central bankers in the "developed" world, and how he and his son (an aspiring medical student) are up to their eyeballs in federal reserve debt (ah the irony). 

 

http://www.kathylien.com/site/ecb/salaries-of-central-bank-governors
http://www.businessweek.com/magazine/content/10_50/b4207037576499.htm

http://blogs.wsj.com/economics/2012/02/29/student-loan-debt-hits-home-fo...

Hong Kong's Central banker is one of the highest paid in the world.

But Japan, despite all its problems, recognizes that its central banker is overpaid and is forcing him to take a 33% paycut.

http://online.wsj.com/article/SB1000142405270230445980457728310062021791...

Apparently the West needs to take a chapter from Japan on this one.  (But certainly not when it comes to Debt-to-GDP, Keynesian nonsense, or demographic lack of reproduction) ... interestingly enough, the yen is mostly appreciating against the dollar since its depegging in 1972 (an average of roughly 7 yen per dollar per year since 1972).

http://en.wikipedia.org/wiki/Japanese_yen#Historical_exchange_rate

As Martin Armstrong said, currency appreciation is about capital inflows and China is heavily investing in Japan.

www.ft.com/cms/s/0/9dca3646-5b83-11e0-b965-00144feab49a.html

http://online.wsj.com/article/SB1000142405270230362400457733923169360739...

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