JPMorgan CEO gets $16 million pay package

[OhioChick]

Source: AP

updated 1 hour, 12 minutes ago

JPMorgan Chase & Co. CEO Jamie Dimon received a stock bonus valued at nearly $16 million for 2009 after steering the big bank through the aftermath of the financial crisis, the company said Friday.

Dimon's bonus carries several restrictions and can be recouped by the bank at any time and for any reason. The stringent measures are aimed at countering criticism over lavish pay at banks that helped cause the financial crisis and then received billions in taxpayer bailouts.

Like other big bank CEOs, Dimon received no cash bonus for 2009. Instead, he got $7.8 million in restricted stock and 563,562 in restricted stock options, JPMorgan said. The options are valued at about $8.1 million, bringing his total 2009 bonus to $15.9 million.



Read more: http://www.msnbc.msn.com/id/35256188/ns/business-us_business

[RUMMYisFROSTED]

1. He must be worth it.

[Robb]

2. What does he think he is, a football player? nt

[Alias Dictus Tyrant]

3. Meh, journalist finance math

That compensation is not worth the nominal value of the contract. This is sort of like the morons saying that the credit default swap exposure was 100 Trillion dollars based on the nominal value of the contract. They see numbers, but they don't understand what they mean.

Not saying it isn't fine compensation, just that the real value might be half of what is being reported (wild-ass guess based on the excerpt). It always bugs me that journalists go for the sensational numbers rather than giving a more accurate depiction. They do it all the time when talking about finance, no matter what the subject.

[midnight]

4. When we get tired of subsidizing these banksters then we will have change.

[HughBeaumont]

5. OOOOH! And in rapid and swift response . . .

the American Public furiously and collectively shook their fists . . . shrugged . . . and . . . went . . . back to watching "Lost" in hi-def.