$27 million is the recent salary of Jamie Dimon, the CEO of JPMorgan Chase, which managed to lose $2 billion or $3 or $4 billion or whatever recently. JPMorgan Chase is one of the too big to fail banks that you and I, US taxpayers bailed out. If we had not poured multi-billions into Wall Street, Dimon would not have a job, no less a job that currently pays him $27 million per year. I think that no employee of a publicly held company should be paid anywhere near that amount of money. I know absolutely nothing about derivatives or credit default swaps, and I believe that I could do as good a job as Dimon is doing. I would be willing to work at his job for one year for $2.7 million, 10% of his salary, and then retire and let someone else have a chance to earn some big bucks.
There are thousands of other employees earning seven-figure salaries. I know that a million dollars doesn’t go as far as it used to, but executive salaries have reached the point of ridiculousness. This is especially true today when millions of Americans earn the minimum wage or close to it. There is NOWHERE in America where a person can survive on the minimum wage. The response of the wealthy is that minimum wage earners should improve their skills and/or work two jobs. That is a heartless attitude. Life is neither fair nor balanced, but it should not be government policy to make differences among workers worse rather than better.
- No sign of shareholder revolt against JPMorgan Chase CEO Jamie Dimon (cbsnews.com)
- JPMorgan’s Dimon survives votes on pay, chairmanship (suntimes.com)