JPMorgan Chase’s “punishment” was short-lived. Last year, following the egregious “London Whale” scandal — a multibillion-dollar trading loss by the bank (which led to $1 billion in regulatory fines) — Dimon’s salary was cut in half to a measly $11.5 million.Wall Street memories are evidently as short as its pockets are deep. Dimon is getting a raise again. The New York Times reported:
JPMorgan’s board voted this week to increase Mr. Dimon’s annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter.
… JPMorgan’s directors may have decided that Mr. Dimon, as his peers may, should get a raise, but to ordinary Americans — and possibly to regulators — the decision to increase his compensation may seem curious given the banner penalties that federal authorities have extracted from the bank. It is not unheard-of for chief executives to lose their jobs when their companies have been battered by regulators.
