Great News!!! Angry JP Morgan shareholders seek to strip Jamie Dimon of chairmanship

[malaise]

http://www.guardian.co.uk/business/2013/may/19/jp-morgan-shareholders-revolt-jamie-dimon
<snip>
JP Morgan faces an angry shareholder revolt this week as investors attempt to strip boss Jamie Dimon of the chairmanship of the banking giant.

The revolt in the wake of last year's $6.2bn (£4bn) London Whale trading loss has been aggravated by a decision to cut off dissident shareholders' access to voting information ahead of the bank's annual meeting on Tuesday.

Last year a proposal to split Dimon's roles as chairman and chief executive gained 40% of the vote.

But that vote came before the magnitude of the incident was clear and ahead of regulatory and internal reports that have been highly critical of the failures of oversight at the bank.

A vote to strip Dimon of the chairman's job, while not binding, would be a heavy blow and there have been reports that he has considered resigning if he does not keep both titles.

Last year's vote was sponsored by the American Federation of State, County and Municipal Employees (AFSCME) pension fund.

[tularetom]

1. If I buy a share on Monday is there still time for me to vote?

I'd love to see them toss that douche out on his ass, of course they'd undoubtedly replace him with somebody just as bad.

[malaise]

2. Yes they all seem like clones

Still I'd love to see him kicked out

[lastlib]

3. No, record date for voting has passed.....

If you haven't already gotten a proxy form, you're S.O.L.......sorry

[FarCenter]

4. Ain't happening --"JPMorgan investors take heat off Dimon"

Some of JPMorgan Chase’s largest shareholders are sparing Jamie Dimon but voting against other directors in a contentious ballot on the board of the largest US bank, according to people familiar with the matter.

Large shareholders and other people familiar with early voting patterns said an investor proposal to strip Mr Dimon, the chief executive, of his dual role as chairman was on track to gather less than 50 per cent of the vote.

However, some large investors who are backing Mr Dimon are voting against the re-election of other board members, leaving in doubt the position of directors such as Ellen Futter, a lightning rod for corporate governance activists, whose qualifications to serve on the board’s risk committee have been questioned.

http://www.ft.com/intl/cms/s/0/153d8a7a-bcbc-11e2-9519-00144feab7de.html

In 2012, Futter came under criticism as one of the three members of JP Morgan Chase's Risk committee after the bank has been under siege since CEO Jamie Dimon said May 10 that the firm’s chief investment office suffered a $2 billion loss trading credit derivatives. Futter headed the audit committee of Bristol-Myers, a New York-based drugmaker, during an accounting scandal that began in 1999 and that the company settled for $300 million to avoid criminal prosecution. She also served on AIG’s compliance and governance committees, resigning in July 2008 before the insurer took a $182.3 billion bailout from the U.S. government.

http://en.wikipedia.org/wiki/Ellen_V._Futter

[malaise]

5. Oh dear

Thanks for that