London Whale A Plot to Slash Dimon’s Pay?
from Silver Vigilante:
In the run up to recent report releases by JP Morgan, rumors swirled about a 25-30% paycut for Jamie Dimon, or a cut from $23 million to $15 million. On Wednesday, it was announced that his pay cut was 50%, down to $11.5 million. This pay cut comes despite JP Morgan earning a record amount, despite the $6 billion loss attributed to the “London Whale” in the spring. The banks net earnings were $21.3 billion for 2012, a record profit, amidst regulatory investigation and intrigue.
Jamie Dimon paid the ultimate price for that debacle, and will take a 50% cut in his pay. One must wonder, perhaps this was the purpose of the London Whale? It is a massive loss for a bank that is run by known control freaks. Dimon also will have to wait 18 months to vest 2 million stock options awarded to him in a previous bonus payout back in 2008, worth approximately $13 million today.
2013-01-18 10:52:22
Source: http://sgtreport.com/2013/01/london-whale-a-plot-to-slash-dimons-pay/
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