Ten-figure tenure: JP Morgan chief enters billionaire index 
Jamie DimonJamie Dimon has ridden the waves of the financial crisis to become one of the most recognized figures in finance. The boss of JP Morgan, America’s biggest bank, has joined the ranks of the world’s billionaires – a status more often reserved for hedge fund managers, entrepreneurs and scions of already mega-wealthy families.
The banker has amassed his personal wealth – estimated at $1.1bn according to the Bloomberg billionaires index –
even though JP Morgan has been issued with fines of almost $40bn since the 2008 financial crisis – and all of them on Dimon’s watch. Dimon has described rules introduced since the crisis as “anti-American”.
Credits: Article extracts and picture are from a
current article in theguardianSmug look is courtesy of Jamie Dimon.
Comments
There can never be too much of this sort of digging:
http://www.rollingstone.com/politics/news/jamie-dimons-raise-proves-u-s-regulatory-strategy-is-a-joke-20140130
Regards,
Ted
@Ted - Yes, Weill was a wily one. Rukeyser often featured him on his show.
Another priceless lol line:
Jamie Dimon is the CEO of JPMorgan Chase, and 2013 that bank paid $20 billion in fines, which is an extraordinary number. Think about it. I think it beats by a factor of five the record for the largest amount of regulatory fines in a single year, which was previously held by BP for their Deepwater Horizon incident. They were accused of an extraordinary array of things, everything from being Bernie Madoff’s banker and not raising red flags early enough, to manipulating energy prices in Michigan and California, to failing to disclose to investors the extent of losses in the London Whale episode, to abuses during the subprime mortgage period by subsidiaries. The list of things goes on and on and on and on. … there was another case involving a company called General Reinsurance where a bunch of executives were charged with a $750 million stock fraud, and that amount of fraud that year was more than the total value of all the cars stolen in the American Northeast that same year. So you think about everybody who’s doing time for a stolen car that year, and, you know, these guys ultimately got off on a technicality.
So Chase paid $20 billion in fines. And what the government always says in response to the question of why aren’t these guys in jail, they always say, "Well, we don’t have enough evidence. These cases are hard to make." But the question is, over and over again, they somehow seem to have enough leverage to get billions of dollars of fines out of these companies, but not enough leverage to get even a day in jail for any of their executives? It doesn’t add up. Logically, it’s a total non sequitur. There’s no way you can have a company paying that much money and not have somebody guilty of a crime. It’s just not possible.
And Jamie Dimon, of course, gets a 74 percent raise. That’s the punchline to this whole thing, right? I mean, if you were, you know, the head of any other business, if he were running a restaurant and he got the biggest fine in the history of restaurants, there is no way that he would be kept in, kept on the job as the head of the company. But he was not only not fired, not only not prosecuted, but he was kept in the job, and he got a 74 percent raise. And they essentially paid for $20 billion fines by laying off 7500 lower-level workers that year, and so that’s where the pain came from.
-- Matt Taibbi
@Old_Joe Such the gadfly, you.