JPMorgan Chase just had a $2 billion trading loss, thanks to CEO Jamie Dimon. Of course he had his contract extended and was paid with an annual salary of $26 million! I am sure there are some bonuses that get thrown in there as well. Wonder how much he would make if the organization lost $3 billion. Incredible you say. I am speechless. The hubris with which the financial and banking industries operate in this country is unbelievable. They operate as if they are above the law let alone common decency.
The PR aspect (all of it is really) comes in where not only are they getting beat up by the media, the FBI has been called in to investigate. And the big loser, obviously not CEO Jamie, is the investors. It’s not like JPMorgan Chase has a great reputation to fall back upon. They are one of the most despised businesses in the U.S. To their credit there were immediate apologies and explanations that they could absorb the loss, however the stock started sinking.
Read the Huffington Post’s headline article: “Jamie Dimon On Meet The Press: We Were ‘Dead Wrong’ To Dismiss Trading Concerns”
Or in The Daily Beast’s: “JPMorgan Chase Lost $2 Billion But Dimon Lost His Golden Status”