Jamie Dimon Deserves A Raise

“Bad Bet” Loss Now at $9 Billion

Just when we thought it was over, looks like that big JPMorgan Chase loss of “only $2 billion” was the end of the beginning. When testifying before Congress, Jamie Dimon admitted it might double.  As of today, the estimate is $9 billion, more a quadruple.*

The JPMorgan Chase Board will hold Jamie Dimon accountable. To the board’s way of thinking, his handling of this loss justifies a raise. Also, earlier this week, CEO salary increases at the top 15 United States banks averaged 11.9%.  Yet Jamie Dimon’s increase was only 11%, or 10% less than his peers–that is, if he has a peer. His salary is around $23 million.

Following the JPMorgan Board’s logic, who is better than Jamie Dimon for dealing with bungled investment bets or intrusive regulations? He must be given a raise at a higher average than the 11.9 %. But where can the money be found? 

Therefore, I know I am speaking on behalf of consumerists everywhere when I say we are ready for JPMorgan to lower our savings account interest rates and redistribute the proceeds to increase Jamie Dimon’s salary. Given the current rate of savings interest, it won’t be much, but it’s the least the JPMorgan Board can do in these troubled times.

 All hail Jamie!

*See JPMorgan Trade Loss May Reach $9 Billion, New York Times Business Day, June 28, 2012.


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