Economy
In reply to the discussion: STOCK MARKET WATCH -- Friday, 24 January 2014 [View all]Demeter
(85,373 posts)NOW DOES THAT MAKE SENSE? REWARD JAMIE, AND IMPRISON SNOWDEN? IT SHOULD BE THE OTHER WAY AROUND.
http://dealbook.nytimes.com/2014/01/23/fined-billions-bank-approves-raise-for-chief/
A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimons paycheck, the chairman and chief executive of JPMorgan Chase is getting a raise.
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JPMorgans board voted this week to increase Mr. Dimons annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter. The raise the details were not made public on Thursday follows a move by the board last year to slash Mr. Dimons compensation by half, to $11.5 million.
When it made that deep pay cut, the board was giving a stern rebuke over the fallout from the London Whale multibillion-dollar trading blunder. This week, directors, gathered in a conference room at the banks Park Avenue headquarters overlooking a snow-covered Central Park, discussed what message their next decision on the bank chieftains compensation would send.
The debate pitted a vocal minority of directors who wanted to keep his compensation largely flat, citing the approximately $20 billion in penalties JPMorgan has paid in the last year to federal authorities, against directors who argued that Mr. Dimon should be rewarded for his stewardship of the bank during such a difficult period. During the meetings, some board members left the conference room to pace up and down the 50th-floor corridor....
CRIME DOES PAY, IF IT'S WHITE COLLAR.