from Too Much: A Commentary on Excess and Inequality:
The Rich: Once We ‘Clawed Back’ Them All July 30, 2012
The movers and shakers of scandal-ridden Wall Street are busy scapegoating a ‘few rotten apples’ — and hoping the rest of us don’t notice they’re still holding billions in ill-gotten gains.
By Sam Pizzigati
Remember Ina Drew? This past spring Drew had her 15 minutes of fame as the JPMorgan Chase exec in charge of the reckless derivatives trading that may end up costing the Wall Street banking giant as much as $7.5 billion.
Drew will apparently pay a price for her role. JPMorgan CEO Jamie Dimon announced earlier this month that the bank will “claw back” approximately two years worth of the pay Drew has already collected.
Which two years? Dimon didn’t say. Drew collected about $14 million last year and $15.9 million the year before.
Drew resigned from JPMorgan in May after 30 years of faithful service. In all those years — a span of time that has included one financial industry scandal after another — no other bank executive as high-ranking as Drew has had to suffer the indignity of having take-home clawed back. ....................(more)