JPMorgan shareholders reelected Dimon chairman and CEO and gave him a $23 million pay package despite the bank’s $2 billion loss. But it’s ludicrous that he’s still calling the loss a mistaken ‘hedge’—and it shows he doesn’t get it, says Nomi Prins.
by Nomi Prins, TheDailyBeast:
It’s official. Just as he was voted in for a second term as Class A New York Fed director in February 2010, Jamie Dimon was reelected chairman and CEO of JPMorgan Chase yesterday afternoon. He got to keep his $23 million pay package, too. All without breaking a sweat.
This means that at each of three of the top five bank-holding companies dominating U.S. derivatives exposure, loans, assets, and deposits, the same man holds the chairman and CEO positions—at Goldman Sachs, Wells Fargo, and JPM Chase. (Bank of America and Citigroup separated those roles.). If the stock buckles under another “discovery,” shareholders can take comfort in blaming themselves, not Jamie Dimon.