Wednesday, January 16, 2013
Shed a tear for poor Jaime Dimon
In an otherwise monstrously profitable year, he presided over a whale of a trading loss in London. In response, the Board of Directors of JP Morgan have chosen to punish CEO Jaime Dimon in a most harsh and cruel manner.
In light of the trading losses, the bank’s board voted to reduce Mr. Dimon’s total compensation. That decision was driven by a desire to hold him accountable for some of the oversight failings that led to the troubled bet, according to several people close to the board.Bad Jaime! Bad! Bad! Don't you do that again!
The board cut Mr. Dimon’s total compensation for 2012 to $11.5 million from $23 million a year earlier. While his salary remained the same at $1.5 million, his bonus was reduced to $10 million, paid out in restricted stock.
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