Obama and Big Business: A new era of cooperation

No wonder Jamie Dimon likes Obama's tax deal: He'll get an extra $1.1 million next year because of it

By Robert Reich

Published December 15, 2010 7:45PM (EST)

Jamie Dimon
Jamie Dimon

This originally appeared at Robert Reich's blog

Jamie Dimon, chairman and CEO of JPMorgan Chase & Co., praises the president’s agreement with Republicans to extend the Bush tax cuts.

"If we’re going to strengthen our economy and grow jobs, this type of outreach -- and cooperation between the administration, Congress, and the private sector -- are critical," says Dimon.

Dimon met last week with the President. Thirty other CEOs are meeting with him today.

Dimon’s compensation over the last three years has averaged $21,991,394 a year. The tax deal agreed to between President Obama and the Republicans will give Dimon and extra $1,179,000 next year, according to an analysis by Citizens for Tax Justice.

The bank Dimon heads was also the beneficiary of the giant Wall-Street bailout of 2007 and 2008. JPMorgan Chase & Co, along with other Wall Street banks, also poured millions of dollars into a lobbying campaign to water down the financial reforms Congress considered earlier this year.


By Robert Reich

Robert B. Reich is Chancellor's Professor of Public Policy at the University of California at Berkeley and Senior Fellow at the Blum Center for Developing Economies. He served as Secretary of Labor in the Clinton administration, for which Time Magazine named him one of the ten most effective cabinet secretaries of the twentieth century. He has written 15 books, including the best sellers "Aftershock", "The Work of Nations," and"Beyond Outrage," and, his most recent, "The Common Good." He is also a founding editor of the American Prospect magazine, chairman of Common Cause, a member of the American Academy of Arts and Sciences, and co-creator of the award-winning documentary, "Inequality For All." He's also co-creator of the Netflix original documentary "Saving Capitalism."

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