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Thu Jan 17, 2013, 09:13 PM

Would You Be Fine With $11.5 Million For Screwing Up?


from the Working Life blog:


Would You Be Fine With $11.5 Million For Screwing Up?
Posted on 16 January 2013.

Have I got a deal for you. You lose a few billion dollars at your job — but you keep your job and pocket $11.5 million. Is that a bargain or what? Of course, this is not the kind of deal for the little people. Nah.This is for the real screw-ups — the people who run the financial institutions who already destroyed an economy.

In the real world, if a worker so much as looks sideways at a supervisor, or has a regular problem of arriving late to work, he or she can be out on the street — especially if there is no union in the joint.

But, not Jamie Dimon. The man loses a few billions dollars — on top of his role in the financial crisis — and what is his punishment:

But the year was clouded by a multibillion-dollar trading loss stemming from a bad bet on derivatives. JPMorgan continues to unwind the bungled trade, which had racked up $6.2 billion in losses through the third quarter of 2012. The bank said it “experienced a modest loss” in the last three months of the year.

In light of the trading losses, the bank’s board voted to reduce Mr. Dimon’s total compensation. That decision was driven by a desire to hold him accountable for some of the oversight failings that led to the troubled bet, according to several people close to the board.

The board cut Mr. Dimon’s total compensation for 2012 to $11.5 million from $23 million a year earlier. While his salary remained the same at $1.5 million, his bonus was reduced to $10 million, paid out in restricted stock.


I mean, seriously, how is a man, if I may channel Latrell Sprewell, supposed to feed his family on $11.5 million? Is the JPMorgan board just heartless? ...................(more)

The complete piece is at: http://www.workinglife.org/2013/01/16/would-you-be-fine-with-11-5-million-for-screwing-up/



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Reply Would You Be Fine With $11.5 Million For Screwing Up? (Original post)
marmar Jan 2013 OP
Yo_Mama_Been_Loggin Jan 2013 #1
Jackpine Radical Jan 2013 #2
banned from Kos Jan 2013 #3
tularetom Jan 2013 #4

Response to marmar (Original post)

Thu Jan 17, 2013, 09:15 PM

1. When I saw he post title

I knew this was about some CEO.

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Response to marmar (Original post)

Thu Jan 17, 2013, 09:15 PM

2. Dimon's a piker.

Given half a chance, I bet I could create a screwup twice as bad as his--one worth at least $23 mil.

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Response to marmar (Original post)

Thu Jan 17, 2013, 09:19 PM

3. Morgan still earned $20-30 billion this past year.

 

(guessing - but pretty sure)

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Response to marmar (Original post)

Thu Jan 17, 2013, 09:59 PM

4. HP lost about 35% of its value last year

and they paid that idiot Meg Whitman $15 million.

So Dimon has it worse than at least one of his fellow thieves.

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