JPMorgan's Jamie Dimon is fed up with you 'lazy' investors voting against him
Source: Los Angeles Times
You might think that the chairman and CEO of a major bank that had just pleaded guilty to a federal felony charge and has paid out more than $20 billion in legal settlements in recent years would show a little humility.
But then you wouldn't be reckoning with Jamie Dimon, the head of JPMorgan Chase. At an investment conference in New York this week, Dimon lashed out at institutional investors who voted against his pay package and his dual role as the firm's chairman and chief executive, and otherwise rejected management's wishes on shareholder resolutions at the annual meeting May 19.
Dimon reserved special contempt for investors who followed the recommendations of two leading advisory services for institutions, Glass Lewis & Co. and Institutional Shareholder Services, or ISS. Both had advised clients to approve a shareholder proposal to separate the chairman and CEO jobs at JPMorgan. ISS also called for a vote against a $7.4-million bonus Dimon received for 2014, calling it unjustified.
"God knows how any of you can place your vote based on ISS or Glass Lewis," Dimon said petulantly at a conference sponsored by Sanford C. Bernstein & Co., as the crowd tittered nervously. (The audio can be found here.) "If you do that, you are just irresponsible, I'm sorry. And you're probably not a very good investor either.... I know some of you do it because you're lazy."
Read more: http://www.latimes.com/business/hiltzik/la-fi-mh-jpmorgans-jamie-dimon-is-fed-up-20150529-column.html
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