After agreeing to pay $23 billion in penalties and settlements in 2013, JPMorgan Chase Chief Executive Jamie Dimon was rewarded today by the board he chairs, receiving a 74 percent pay raise to $20 million.
Dimon has presided over a series of costly settlements with government investigators, including paying $13 billion for mortgage activity that helped lead to the financial crisis and $2 billion for failing to do anything about signs that client Bernie Madoff was running a Ponzi scheme. But in the amoral logic of the stock market, each payout has been met with gains in the company’s stock price, as investors see one fewer uncertainty looming over future profits.
Monday, January 27, 2014
Nothing Succeeds Like....
Via Bloomberg [tip o' the hat to Kevin at Cryptogon]: