Wednesday, June 13, 2012

JP Morgan might take back Compensation.‏

Chairman and Chief Executive Officer Jamie Dimon said the bank probably will seek to reclaim pay from executives responsible for $2 billion in trading losses.
Dimon encouraged his chief investment office to make bigger and riskier trades, former employees have said, while he became one of the highest-paid CEOs in U.S. banking, taking home more than $1.9 million a month on average in 2010 and 2011.
“The board will review every single person involved in this case and figure out what’s appropriate,” said Dimon, 56. The clawbacks will be “somewhat limited” to what employees received in the previous two years, he said.

“One of the legitimate complaints was that after the crisis, a lot of people walked away from companies that went bankrupt with a lot of money,” Dimon said today. “Some of that was inappropriate.”

That is funny because the last crisis was paid for by Tax Payers.  At the time we were told Corporate Bonuses HAD TO BE PAID.  There was no way to prevent tax payer bail out money from going to executive bafoons.  The bafoons were entitled to take that public money and put it in their pockets.  There was nothing anyone could do or say about it.  

Now a couple of years later (when it is the banks money) suddenly the tune has changed.  Suddenly the bank can go back and take away past compensation and bonuses.

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