Jamie Dimon, CEO and Chairman of the Board of Directors of JP Morgan Chase & Co has voted to raise his own payout to over $20 million. This self-flattering 'in your face' reward comes after Mr. Dimon deprived 7,500 people of their livelihoods in 2013 by firing them from the bank after telling existing employees they should not expect any raises since the company has to save money for paying penalties and fines to the government and to the cousins Fannie and Freddie, otherwise known as government sponsored enterprises that provide liquidity to mortgages by securitizing them for investment by shareholders.
Dimon voted for the awarding of this obscene raise patting himself on the back and saying he has earned it for creating gains in market share, customer satisfaction, long term performance gains, and settling issues with regulatory authorities.
In an industry where other people's money and tax payer funds serve as play dough for crooks who run, and occasionally ruin the financial world, people like Jamie Dimon do take the cake and gobble it up too
Monopoly money has a habit of invariably gravitating to the grubby embrace of dis-compassionate bankers and politicians. If one receives it, he shares it with the other. Amid the infusion of over $94 billion of public funds during the subprime fiasco, the bank felt obliged to share over $4 million of the loot with congressmen for lobbying, and even before that was busy buying favors with campaign contributions of $6 million.
In 2009, champions of greed based free enterprise and unbridled capitalism unabashedly and eagerly accepted trillions of dollars as corporate welfare in taxpayer funds, for a bailout that would make any socialist regime turn red with envy, only to actually turn around and use the funds to again pursue the very same policies that led to a virtual collapse of the global financial system.
Both Republicans and Democrats have made it abundantly clear when the chips are down they will side with big business with little more than some wrist slaps for wrongdoing.
Top bureaucrats are very much aware of where the revolving doors lead to; "do your job right as a regulator and you will never find work in the industry again.
Instead of serving time in jail, big bank executives, their politician friends, and majority shareholders are back to screw the rest of us with our own money. Recent executive payouts and bonuses clearly demonstrate it is back to business as usual.
This article was originally published on Grateboard.