Letter of the Day: Jamie Dimon's payday

  • FILE - In this Sept. 26, 2013 file photo JPMorgan Chase Chairman, President and Chief Executive Officer Jamie Dimon, arrives at the Department of Justice in Washington. Morgan Chase almost doubled Chairman and CEO Jamie Dimon's pay for 2013, the bank said on Friday, Jan. 24, 2014 that Dimon will receive total compensation of $20 million in 2013, consisting of $18.5 million in stock options and a base salary of $1.5 million. (AP Photo/Manuel Balce Ceneta, File)

<b>Dimon's payday</b>

EDITOR: A headline in Saturday's business section shouted out that JPMorgan Chase will double the salary of CEO Jamie Dimon, rewarding the executive for settling investigations of the bank ("Chase doubles pay for CEO Dimon"). Isn't this astonishing? It's like a brick crashing through your window with a message around it that says, "Jamie Dimon's window repairs."

Didn't Dimon get the bank in this mess in the first place? The bank has been fined more than $15 billion (that is billion with B) for manipulating interest rates and general malfeasance. Shouldn't Dimon be prosecuted for this outrageous performance by the head of his organization? Where does the buck stop anymore?



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