I am attempting not to burst into tears as I write of the sad plight of J.P. Morgan Chase and Company Chief Executive Officer Jamie Dimon, who has endured the “pain and struggle” of a massive pay cut, his 2012 compensation dipping to $11.5 million from $23.1 million.
Dimon suffered this indignity because of the board’s conclusion that he “bears ultimate responsibility for the failures that led to the (multi-billion-dollar company) losses.”
If an $11.5 million compensation package is afforded someone that has made grievous and costly errors, then the corporate world is in sad shape.
What a putrid example the case of Mr. Dimon sets for those of us who live in the real world, we who must produce in order to bring home an annual middle class salary which is less than what Mr. Dimon “earns” in three days. I believe this case helps set the stage for future civil unrest as the “have nots” take revenge against the “haves,” particularly against those that receive outlandish compensation that many would feel they do not deserve.