Thursday, June 16, 2011

Jamie Dimon Made $21 Million Last Year

The Financial Times reports that American and European banking CEO pay went up by 36 percent in 2010. Jamie Dimon, JPMorgan Chase CEO, made $21 million in 2010.

JPMorgan Chase had to pay a $722 million fine to the SEC for attempting to brides for bonds scandal. JPMorgan Chase tried to bride politicians in Jefferson County, Alabama. JPMorgan Chase also hired inexperienced young people to deal with mortgages. The young workers were labeled the "Burger King kids."

And even when banks did begin hiring to deal with the avalanche of defaults, they often turned to workers with minimal qualifications or work experience, employees a former JPMorgan executive characterized as the “Burger King kids.” In many cases, the banks outsourced their foreclosure operations to law firms like that of David J. Stern, of Florida, which served clients like Citigroup, GMAC and others. Mr. Stern hired outsourcing firms in Guam and the Philippines to help.

The law firm of David J. Stern filed false foreclosure claims. The actual David J. Stern is under investigation and is a rather mysterious man.

Ask yourself if Jamie Dimon skills as a CEO is worthy of $21 million.

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