Class Warfare Unmasked
by Thomas Magstadt
Breaking news that stock markets around the world are in free-fall mode competing with a story about JP Morgan CEO Jamie Dimon being awarded a heart-stopping, headline-grabbing, tub-thumping pay increase for 2013. What does it mean?
Supposedly, Dimon was asking for his 2013 compensation to be roughly equal to his 2012 pay. But the bank’s board of directors awarded Dimon $20 million for 2013—that’s a tidy $8.5 million raise! Never mind that “JPMorgan Chase recently reached yet another settlement with the U.S. government—a $13 billion deal with the Department of Justice for peddling deceptive mortgages.” Never mind that the bank reported a $400 million loss in the 3rd quarter thanks to a $7.2 billion legal tab. Never mind that this fine, upstanding financial institution is holding $23 billion in reserves for potential litigation. And never mind that we’re talking about a too-big-to-fail bank whose top managers “recklessly gambled with our economy.”
JP Morgan is still flying high and Jamie Dimon got a 74 percent raise last week.
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