Big Bank CEO Who Makes $23 Million Says Press Should Stop Focusing On Bank Compensation... Because Reporters Are Overpaid?
from the i'm-rubber-you're-glue dept
JPMorgan Chase CEO Jamie Dimon, who made approximately $23 million last year, apparently doesn't like the press picking on the salaries at big banks like his. So, he's telling them that they're the ones who are overpaid. To be fair, the context is that he's mocking reporters for focusing on the compensation ratio statistic that some have brought up in questioning how much banks pay their employees, by noting that the same ratio -- which he rightfully calls a "stupid ratio" -- doesn't necessarily look good for the newspaper industry either. Of course, most journalists just buzz right by that context and point out how ridiculous it looks for Dimon to complain about how much journalists make, coming from where he's sitting:The key point, here, is really that if you're trying to convince the press to stop focusing on stories about reasonable employee pay, you probably should not then directly state that their pay is "just damned outrageous," while then defending bank employee payments by saying, "We are going to pay competitively.... We need top talent, you cannot run this business on second-rate talent." The implication that the press gets from that -- perhaps on purpose -- is that the media shouldn't pay competitively, doesn't need top talent, and can run its business on second-rate talent. Some might argue that's already the case... but it's unlikely to get those "second-rate" reporters to drop the issue...Dimon himself took home roughly $23 million in 2011, about the same as the year before, according to Bloomberg. Compare that to newspaper reporters, who earn an average salary of $43,780 according to the Bureau of Labor Statistics, or between $20,000 and $60,000 per year according to Payscale.
For fun, let's just compare a bit more. The average reporter at The New York Times earns about $93,000 per year, according to Glassdoor.com. The New York Times Company reported an operating profit of $56.7 million in 2011.
Dimon's salary not only dwarfs that of us media-folk; he's also making millions more than most of his employees. The average JPMorgan employee made $341,552 last year, according to Bloomberg News.
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Filed Under: banks, compensation, jamie dimon, media, press, revenue, salaries
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Fortunately the super-rich are not lonely because they have a club that includes several Nascar team owners. Mitt Romney is the current president of the club which traces its origins back to its founder, Marie Antoinette. The club is currently considering changing its motto to "Let them drive two Cadillacs."
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Good God
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Re: Good God
They just don't do anything that's good for us, this country, or this world.
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That's the problem as I see it. I don't have an issue with sky-high executive pay if the company is successful, expanding its business, treating its employees well and so on. I do have a problem when executive pay is high and the company is failing, not adapting to new markets, paying employees poorly or laying them off - and even worse are golden parachute clauses in contracts where a CEO can destroy the company and walk away with millions of dollars.
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wait...what colour does Napalm burn?
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Holy Jebus!
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Your idea interests me. Where do I send my money? Maybe kickstarter?
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(amusingly, we have a phone company that's started up comparatively recently(last few years) here, only does mobile so far as i can tell, seem to have used a similar bit of logic. they're Rapidly gaining customers at the expense of the old networks, AND were the only one to stay functional, if a bit funky, during the Christchurch Earthquake. (by funky i mean: you'd send a text and it would take an hour or so to turn up then show up three or four times over the course of the day. compaired to the other networks where it was 'try to send a text. your phone fails.'))
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Give me a break
I design and build circuit boards, and I also write software for interfacing those boards to computers.
Are you SERIOUSLY telling me that Mr. Dimon is doing more than one year's worth of my work EVERY SINGLE DAY?
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Re: Give me a break
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and they wonder why people are complaining about interest rates. how the hell can anyone person be paid so much? more to the point, how the hell can anyone spend it all before the next freight is being paid?
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http://www.techdirt.com/articles/20120208/09521117704/do-differences-between-software-pirac y-media-piracy-matter.shtml#c474
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Dimon is right
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and I'll just leave this here....
http://boingboing.net/2012/02/29/146495.html
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He's a financial rock star but he makes less than Rhianna
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t's unlikely to get those "second-rate" reporters to drop the issue
Dimon just painted a large three circle roundel on his back. Journalism's version of the Streisand effect. ;-)
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