One of my clients, whom I write a daily column for, is in the financial industry. Today, while researching some topics, I came across a new list by Money that names the 10 highest paid bank CEOs in the nation. I had also just found another bit of information regarding the growing fees we’ll be paying to our banks. From the elimination of free checking accounts to higher ATM fees, banking is about to become more expensive. Naturally, I combined those two tidbits for tomorrow’s post. Then things really got interesting.
Number one on the Money list is Jamie Dimon. He’s the CEO for J.P. Morgan Chase. In 2010, he earned an incredible $20.8 million dollars as his salary. It was up by 1,541.5% from the previous year – yes, as in “thousand”. He was paid more than $6 million in cash and $14.2 million in stock options. That’s huge, right? Actually, I found it disgusting, but of course, I couldn’t say that in the column. I can, however, say it here.
No sooner had I forwarded the completed article to the editor, I received another email about a certain CEO’s behavior at a recent IMF conference. That CEO was none other than Jamie Dimon. As my Maw Maw Nellie would say, “He let his mouth overload his ass” at this conference. He went into what was referred to as a “tirade” against the governor of the Bank of Canada, Mark Carney. The heated screaming match began when
Carney said tighter banking regulations were needed. That, of course, would mean Dimon’s big paydays would likely come under scrutiny. He immediately began yelling that tighter regulations would mean the loss of jobs and would surely stall the financial recovery efforts.
Let’s call it for what it is, shall we? Dimon knows his 1,500% raises would cause big problems for him if regulators began plundering too deep. He wouldn’t have those stock options valued in the millions and he sure wouldn’t earn a cash salary in the millions of dollars range. That’s what his temper tantrum was really about. He could care less about the fate of the country in terms of a financial recovery. See, this goes back to what I posted last week about the need for a total collapse. As it is, the average consumer (read: you and me) will continue to struggle to save a few dollars and for many, it means making even tougher decisions like whether to make the mortgage or pay the utility bill. Meanwhile, jackasses like Dimon continue to rake in these handsome paydays – provided tighter banking regulations don’t come into play.
Dimon’s disgusting display continued until the CEO of Goldman Sachs, Lloyd Blankfein, stepped in and physically removed Dimon from the conference.
One thing is clear. Dimon definitely sold his common sense, manners and any sense of mature decorum in a deal with the devil in order to bring home those huge paychecks. Hope it was worth it.