JonathanTurley January 26 2014
In the past we have discussed the allegedly illegal and fraudulent practices of the Big Banks that helped bring the economy into Recession, but until now, we have not seen such a blatant example of how it pays for Big Banks to break the rules and get ahead at the same time. As you may recall, JP Morgan Chase Bank recently agreed to a $13 Billion dollar settlement with the Justice Department for allegedly defrauding customers. That sounds like a big number, but that was only part of the total fines and penalties JP Morgan Chase was liable to pay in 2013 due to its less than honorable business practices.
It may surprise you that after agreeing to the $13 Billion settlement and having to pay other large fines, the CEO of Chase is getting a big raise. An $8.5 Million dollar raise!
“Jamie Dimon, chairman and CEO of JPMorgan Chase, will be paid $20 million for his work in 2013, restoring most of the $11.5 million cut directors imposed a year earlier following the company’s embarrassing derivatives loss. The sum includes a base salary of $1.5 million, plus $18.5 million of restricted stock, the company said in a public filing on Friday. Dimon was paid $11.5 million for 2012, half of his $23 million compensation in each of the prior two years, according to company filings. The raise, decided by the board of directors, comes after JPMorgan annual profits fell 16 percent in 2013 as the company agreed to pay out some $20 billion to settle legal claims from government agencies and private investors.” CNBC
I guess I am just naïve to think that if the bank I was in charge of was on the verge of civil and criminal charges and I had brokered the deal to “limit” the costs to the bank to $13 Billion in the one case, that maybe the Board of Directors might ask for my resignation, if not firing me on the spot. After all, as the CNBC article quoted above states, the profits of the bank fell 16 percent!
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