Retail therapy: Mall chief's $137M year

Simon Property Group shareholders have done well under CEO David Simon, but they still voted against the lavish deal. Check out the latest 'One-Percenter of the Week,' then click through past installments.
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1836Comments
Mar 5, 2012 4:57PM
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He should live off of  $31500  and maybe he wouldn't make a stupid statement like that.  Wait til the revolution i'll bet he's one of the 1st to go.

Mar 5, 2012 4:56PM
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It seems like he believes he can determine who in the shrinking middle class is overpaid and complain about proposed taxes on excessive income derived from overcharging consumers for banking services.
Mar 5, 2012 4:46PM
Mar 5, 2012 4:43PM
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His salary is grossly incommensurate with his IQ, for sure.
Mar 5, 2012 4:43PM
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This gentleman has fallen pray to the notion that money validates every silly notion he has ever had.............
Mar 5, 2012 4:38PM
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I do not want to rant or rain on anyones total belief that all of the statements in this article are completly factual.  But, the 25B bail-out package was initially refused by JP Morgan Chase (Jamie Diamon), and as noted, JPM has paid back this debt to taxpayers at a very substantial profit to taxpayers.  In addition, all of the major banks involved at the time were required to take these bailout packages, so it would appear that no one bank was in jeopardy of failing.  This could have lead to panic withdrawls and massive shorting of the stock had it not been done in this manner.  As to his salary - if you worked as long and hard as this man has in his carreer, along with his successes making far less before becoming CEO of JPM, it simply sounds like sour grapes to me personally (or, envy based whinning over some ill concieved notion of what is right and wrong).  Like almost everything in life, being rewarded for hard work and ambition is not aberant behavior.  In fact, it has been part of the "American Dream" since our inception.  This generally begins in High School, continues through the rigors of higher education, and is finally tested in the work place.  Most of our founding fathers were millionaires or very well off financially, and were definitively part of a very elite 1% of the population at the time.  Jamie Diamons pay may seem rediculous to some - but what is even more disturbing to me - is the excesses (waste, fraud, and abuse) of our government, which makes this travesty of envy over compesnsation look even more ridiculous and out of control! Get a grip!!! Remember - "Socialism works until you run out out of other people's money." - Margaret Thatcher.
Mar 5, 2012 4:33PM
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What a douchbag.......he makes 1000 time what hard working people do and he rips them? Minimum wage in USA is something like $8.75 an HR. Let him work a 70hr week for 6 months and see how he survives. No more wiping his A*S with filet mignon anymore. Some one should walk up to him and punch him right in the face.
Mar 5, 2012 4:23PM
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Columbus mike,

 

You got it right. Unfortunately it's over everyone's head to grasp the simple economics of the situation. I grew up thinking I could do anything with a little sweat and hard work. I never begrudged another man his earning potential. I was told the sky is the limit. And for me it was. How sad that today these next generations are being sold the bill of goods that "Average" is all they can aspire to. Think average, be average, do average. Very sad indeed!

Mar 5, 2012 4:17PM
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Actually, he's absolutely right. They are overpaid. However, non-owner CEOs are overpaid by exponential amounts. Let's correct his salary, then we can worry about jounalists.
Mar 5, 2012 4:16PM
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To the victor goes the spoils.  Don't like it?  Get out.
Mar 5, 2012 4:16PM
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I'd have no problem doubling these journalist posers pay if they would step up and do their jobs. I'd be embarrassed to call myself a reporter these days. Liberal lap dogs spewing the party line. This world would be a far better place if you'd give us the real facts. Trust me we are capable of making the right choice without all the bogus crap called Journalism.
Mar 5, 2012 4:14PM
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The 1% do not live in this world and they should give up even trying to comment about other people.  Overpaid by millions for stupidity.
Mar 5, 2012 4:14PM
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All the insiders!! Daleys were with jpmc and they are all out of touch too. Yet we let these clowns give millions to an inept state senator from Illinois  so he can become President and in 3.2 years completely ruin the ideals of our great Land.
Mar 5, 2012 4:13PM
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Govt Union member are 1% too! What you don't think so? Think of it this way, Govt Union members have retirement packages, including all the other perks which we wont even count, that amount to annuities. What's an annuity? Its a guarantee of receiving a check every month for the rest of your life. Its also called a pension. For most people who are lucky enough to have pensions, and that's a pretty small percentage of households, its a 401k that they have paid into and they have paid tax on and they take risks by investing and for which there are no guarantees of payouts keeping pace with inflation. For Govt Union members however, their  or pensions are for life, are indexed with a Cost of Living adjustment or COLA, are exempt from federal taxes and in some cases State and City taxes and are generally risk free. Take for example a Union member who makes on average 100k a year (most NYC teachers who have been in the system for 15 yrs or so or 100k Federal employees) how much is their pension worth? 50k a year? 75k a year? 100k a year? Lets take a median of 80k a year and ask, how much would you have to annuitize to get 80k a year, risk free, guaranteed for life with a cost of living adjustment? Why at today's CD rates of under% and add the other perks and you are well over Million dollars in the bank or more. How many of you have 1M in the bank that you don't have to touch that have no risk that grow every year that some one else manages for you? Now that's a definition of a 1% isn't it? Unless you're a politicianSmile, then you are exempt from the rising cost and limiting coverage of ObamaCare, then you are .05%er.
Mar 5, 2012 4:11PM
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A perfect example of what power and money can do to a person. He's living in his own little world, protected by his immense wealth. Probably looks down on anyone not part of his 'elite circle'. I'm hoping the media are reporting his comments to show what an arrogant moron he is rather than because they think it's important.
Mar 5, 2012 4:09PM
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The guys a twit. I don't care how many overpriced institutions of higher learning we the tax payer sent him to. And I don't care how many people he ran over to get there (cause they would be the same). I really don't care if he makes lots of $. Cause when he dies, he is worm food just like everybody else. He will have to answer for his lack of care and concern for his fellow man to the only real BOSS that matters. I sleep just fine knowing I helped make the world safer for people like him to do this in, while he probably hired someone to go in front of him, singing his praises.  BOYCOTT  JPMorgan and anyone that does banking in their name, or shut the $%#* up.
Mar 5, 2012 3:57PM
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I have no idea what journalists are paid but it takes monumental gall for someone that is as highly compensated as CEO's to make that comment.    Most of them are not worth the paper on which their contracts are written!!!     
Mar 5, 2012 3:54PM
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This story is dishonest. It fails to point out that Dimon's 2010 compensation was actually $20 million, and that the difference between that and $42 million came from deferred compensation and the exercise of stock option granted years previously. Further, 70% of the 2010 compensation also was in stock and options.  Dimon is still very well paid, but 70% of it is at risk if he doesn't keep J. P. Morgan Chase on track as the options will be worthless. It also doesn't note that J. P. Morgan Chase initially refused a Federal bailout saying it didn't need one, but was pressured by Bernanke and Paulson to take one because it would make the other banks weaker if Morgan and Wells (another holdout) didn't need a bail out by causing a rush of customers from the others to Morgan and Wells.
Mar 5, 2012 3:52PM
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Companies pay their execs what they can afford to pay.  If a big bank makes 10 billion in profit, they can afford the 42 million salary.  If a little newspaper, in it's own capitalist endeavor makes 100,000.00, they cannot afford to pay their CEO 42 million.  It's that simple.  For those whining about jobs going out of the country, who was it that opened up free trade across our borders?  It was Bill Clinton and his democrat congress.
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