Retail therapy: Mall chief's $137M year

To K4chat and others that think Government retirement is over the top (and did not due their homework, a.k.a. know the facts).

 

Lets give an example:

 

The average Government employee earns $52k/year (higher than most because the government hires a lot of college graduates for speciallity jobs).  If that person would retire in 3 years @ 60 with 26 years of service, they would take home a total of $14,500 in retirement pay.  Add about $1,200 in SS @ 62 and we have a total of $28,900/ year.  That is total, you need to take Fed and State and school and county tax from that....medical insurance and life insurance from that.  The result is that you are in the food stamp range. 

So you to can get this very large retirment by getting a government job, unless you have a drug problem or have big jail time, maybe that is the problem with K4chat.

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.

His salary is grossly incommensurate with his IQ, for sure.

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.

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!

To the victor goes the spoils.  Don't like it?  Get out.

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.

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 politician, then you are exempt from the rising cost and limiting coverage of ObamaCare, then you are .05%er.

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.

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.