Jamie Dimon’s bonus too low – shoulda been $100 million at least
Crossposted on the Alt Banking blog, the below reflects a discussion at Alt Banking from last Sunday’s meeting.
People have been making a big fuss about JP Morgan Chase CEO Jamie Dimon’s recent raise. They seem to think that, what with all the lawsuits that JP Morgan Chase has been involved in this past year, exposing so much fraudulent behavior which directly contributed to so much human suffering, the guy should be somewhat humbled and punished. They even wanna question his right to stock options he shoulda had way back in 2008, when the world was on fire. The nerve!
I mean, maybe by some definition of “earned” he doesn’t deserve those 20 sticks. Maybe they think they have better plans for the bonus money. But from where I sit, the guy should have gotten way more, considering he set the price of fraud by big banks so low and in so many different ways.
I estimate that he should have gotten at least $100 million, using a very basic fact that the regulatory arbitrage which he displayed, and which now exists as a precedent for all bankers for the rest of eternity, benefitted not just him, not just JP Morgan Chase, but all the Too-Big-To-Fail banks. For that reason, every TBTF bank should give him at least $20 million as a reward for their future profitable fraudulent earnings. Since there are at least 5 TBTF banks, I’m just scaling up in a super reasonable way.
I know that might sound weird, for Bank of America and Goldman Sachs, which are generally speaking competitors to JP Morgan, to give Jamie Dimon cash money. And they might want to keep it on the DL for that matter, for the sake of appearances.
But after all, this is the guy who called Attorney General Eric Holder on the phone and negotiated a settlement, for christ’s sake! Who DOES that? That’s really above and beyond the chutzpah of even the most criminal of masterminds. Only the creamiest of the crop, only the most devoted of banker psychopaths can get away with that shit. That is to say, Jamie Dimon, and maybe Lloyd Blankfein (Dear Lloyd: I don’t doubt for a minute that you will have your day too, very soon, and then all the big boys will pitch in for your supersized bonus).
So what are you waiting for, Citigroup? Wells? When are you guys ponying up what we all know Dimon deserves from all of the elite institutions protected from prosecution? I say you guys perform the equivalent of a kowtow in Wall Street terms, which is of course monetized, in the form of a check. Send it on over.
Come to think of it we should also offer extra cash to HSBC’s legal team, and for that matter Eric Holder himself. If it hasn’t already been done.
mathbabe 
Excellent and I had not read that he called Holder on the phone to negotiate his fine..geez. All of this is total insanity when they keep going after Sergey Aleynikov for the stolen Goldman code that’s now 4 years old and the code is worth zero. Nanex folks and a couple others were cool enough to chime in there. The guy has served a year in jail, a judge overturned the case as where in the heck can you find a jury of peers for high tech crimes as such. Now state of New York files their charges again…so compare this to the Dimon situation. It’s not fair. If you have kept up with the story at all there is one funny point in here to where the FBI agent had a weird perception of what “subversion” was..and he admitted to it…
http://ducknetweb.blogspot.com/2014/01/digital-illiterates-in-government-still.html
So when you put the two side by side, what in heck is going on here..difference is one has money and one does not. I don’t know if you saw the Pope releasing his doves, but when you think about what happened it was a “Capitalist Crow” that came and attacked them if you are into analogies of such and the crow was carrying out one Jamie Dimon mission:) I used a good video in the post with a documentary on Hiam Bodek, former quant at Goldman ..he has some interesting things to say..and maybe he and Sergey could pair up:)
I’m probably going to get a little flack and then maybe not but I’m on the White House mailing list and of late their emails have gone down to the targeted level of a 5th grader and I did a post a while back on MasterCard and what they are doing to get into your internet pants and you know what, it’s same marketing model the White House is using, creating an engagement bureau and telling people what their engagement personas are..augh..I knew I had seen that model before and when I started getting pictures of a White House tea cup, well I dug in a little to compare as it was not always like that with the White House email and their mail campaign…right out of the template box now. I know they hired a group to do all of this but what they have now sucks. If you use the information and forward it on to others you can raise your engagement persona.
Anyway, I was shocked this week myself for drawing a few reads from the SEC on another post where I asked it if was time to begin looking at the proprietary code running with banks and others..one more repeated effort so I guess we just keep picking away at it and hopefully more join in. There’s just some very weird stuff out there and some idiot in Japan has created an “end of life robot” ..video is bad and so you look at that as a little commoner and wonder is that the last thing I’m going to see on my way out of the world…and don’t forget the reporters these days are on pay for performance too..so more challenging to interpret some of what we see out there..not the reporters fault, the system built for them to work within as now they have to support the ad business and get as many page views as they can to keep the ad revenue rolling in as news media is not doing well as a whole financially so that’s the answer there and you can see that several are not happy with it and have left and what shape “journotbot” ends up taking still remains to be seen…but here we go bots writing news that bots read to buy and sell stock..geez..
LikeLike
Cathy WordPress is not accepting my id and/or password. i tried to send you the following message:
Cathy You are right on. you should be writing for all the newspapers and magazines that are still left. And you should be on all the major networks. xxo glo
LikeLike
Even the word “chutzpah” is too soft.
But on a much broader level, I’m amazed at how the corp.-owned MSM fawns over these 7 or 8 figure rewards to those at the top, while NEVER bothering to ask about the lack of rewards for all the OTHER workers down the line who also helped create those profits.
LikeLike
The size of Jamie’s bonus shouldn’t be in the spotlight at all. Who are we, citizens worth <$1M, to question what our overlords do? This is why the NSA (et al) mass surveillance will save us — as a society it's our duty to chill and curb the speech of those that would question or even discuss such matters. Personally, I'm offended — not by you personally, but by the fact that this data is publicly available. It really isn't anyone's business.
LikeLike