Bank CEOs Earn Big Bucks Even as Stocks Get Slammed
Bank CEOs Earn Big Bucks Even as Stocks Get Slammed
Published: Friday, 30 Dec 2011 | 11:06 AM ET Text Size
By: Jeff Cox
CNBC.com Senior Writer
Banks may have gotten hammered this year in the stock market, but the CEOs who run them are doing just fine.
While the nation's biggest financial institutions saw their market capitalization drop by an average of 11.1 percent, bank CEO compensation averaged $7.74 million, according to calculations by Rochdale Securities analyst Dick Bove.
That means the banking heads earned 50 to 100 times the average worker and did much better than their shareholders, who saw bank stocks as a group plunge about 26 percent this year.
Take JPMorgan Chase [JPM 33.2144 -0.2056 (-0.62%) ]. The Wall Street titan's CEO, Jamie Dimon, will earn just shy of $42 million this year for a bank that lost nearly a quarter of its market capor 23 percentduring the year, according to Bove's numbers. more...
Ruby the Liberal
(26,217 posts)JHB
(37,132 posts)Ruby the Liberal
(26,217 posts)abelenkpe
(9,933 posts)Aren't several big banks about to lay off even more?
Charlemagne
(576 posts)They do this crap all the time. They reduce overhead by firing people and making the remaining staff do twice the work. The staff will do it out of fear that they will be next and there are 25 unemployed people waiting to take their jobs. The CEOs, of course, are awarded huge bonuses for doing this.
sulphurdunn
(6,891 posts)Just ask them. It takes extremely talented professionals of great faith and religious zeal to fuck things up for everyone else and still wallow like pigs in holy shit doing it. The "market" (the holy profit of the god Mammon) has decreed it! So, bow down unbelievers, or suffer even greater wrath beneath the golden fist of the market of Mammon!
Islandlife
(212 posts)Whose money is it anyway? Not mine I guess.
Congress gets money through taxes. I pay taxes.
Banks get money.....from congress? In some ways true.
Who else gets money(my money) from congress? Some people and projects I don't approve.
gratuitous
(82,849 posts)Gah, don't you people understand how hard he works, and how much he deserves every penny of his $42 million this year? You're hurting his fee-fees, you heartless, unfeeling, name-calling bastards.
valerief
(53,235 posts)A little rewrite to Streisand's famous Funny Girl song.
Beavker
(823 posts)Sure, shareholder outrage could change things, but the big shareholders are the 1% and all part of the 'brotherhood'.
So you have a Board of Directors that lets all this shit happen too. Why? Take a look at these bastards...they're just scratching the back/returning the favor/paying it forward to a fellow rich bastard. They are just hoping the board of their companies turn a likewise blind eye and keep the scam going.
http://www.jpmorganchase.com/corporate/About-JPMC/board-of-directors.htm
phasma ex machina
(2,328 posts)same bloodline. Those in the know call them "the cousinhood."
Last week Mitten's campaign told its mass media lackeys to run a story about Myth's blood relation to a half a dozen former presidents. How crazy is that?
dotymed
(5,610 posts)This type of profiteering is what has brought America to it's knees. They should be prisoners not bankers
Charlemagne
(576 posts)And if we keep reducing their taxes, then maybe they will start to invest in businesses and hire people.
BeHereNow
(17,162 posts)bhn
DirkGently
(12,151 posts)Amonester
(11,541 posts)I bet it took them years to figure out how.
sarcasmo
(23,968 posts)Just saying.
wordpix
(18,652 posts)and anyone investing in them is investing in the likes of Jamie Dimon making $42 million/year while the company's worth plummets.