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Fri Dec 30, 2011, 02:22 PM

wordpix (18,652 posts)

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 cap—or 23 percent—during the year, according to Bove's numbers. more...

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18 replies	Author	Time	Post
Bank CEOs Earn Big Bucks Even as Stocks Get Slammed (Original post)	wordpix	Dec 2011	OP
Can you add the link?	Ruby the Liberal	Dec 2011	#1
looks to be this:	JHB	Dec 2011	#3
Thanks!	Ruby the Liberal	Dec 2011	#5
Also made big bucks while laying off workers	abelenkpe	Dec 2011	#2
Exactly	Charlemagne	Dec 2011	#12
They're worth ever penny.	sulphurdunn	Dec 2011	#4
A parallel to our free spending congress?	Islandlife	Dec 2011	#6
Leave Jamie Dimon aloooooone!	gratuitous	Dec 2011	#7
People. People who hate people. Are the greediest people. In the world.	valerief	Dec 2011	#8
Here's partly why this happens	Beavker	Dec 2011	#9
The central bankster families running the City of London Company that owns the world come from the	phasma ex machina	Dec 2011	#10
Yes, and it's all for short term profits.	dotymed	Dec 2011	#18
But they earned it	Charlemagne	Dec 2011	#11
Obscene. No words. Speechless. n/t	BeHereNow	Dec 2011	#13
The bonus is for getting U.S. tax payers to pay the bank for the bank screwing them. Takes skill.	DirkGently	Dec 2011	#14
Yep. Knowing who to bribe and when, and how much takes skill.	Amonester	Dec 2011	#17
42 million, doesn't that guy live in Manhattan not far from Occupy.	sarcasmo	Dec 2011	#15
""These companies simply have no credibility." Wow, ain't that the truth	wordpix	Dec 2011	#16

Response to wordpix (Original post)

Fri Dec 30, 2011, 02:23 PM

Ruby the Liberal (26,202 posts)

1. Can you add the link?

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Response to Ruby the Liberal (Reply #1)

Fri Dec 30, 2011, 03:48 PM

JHB (36,925 posts)

3. looks to be this:

http://www.cnbc.com/id/45817416

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Response to JHB (Reply #3)

Fri Dec 30, 2011, 04:04 PM

Ruby the Liberal (26,202 posts)

5. Thanks!

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Response to wordpix (Original post)

Fri Dec 30, 2011, 02:29 PM

abelenkpe (9,933 posts)

2. Also made big bucks while laying off workers

Aren't several big banks about to lay off even more?

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Response to abelenkpe (Reply #2)

Fri Dec 30, 2011, 06:16 PM

Charlemagne (576 posts)

12. Exactly

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.

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Response to wordpix (Original post)

Fri Dec 30, 2011, 03:54 PM

sulphurdunn (6,891 posts)

4. They're worth ever penny.

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!

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Response to wordpix (Original post)

Fri Dec 30, 2011, 04:04 PM

Islandlife (212 posts)

6. A parallel to our free spending congress?

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.

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Response to wordpix (Original post)

Fri Dec 30, 2011, 04:23 PM

gratuitous (82,081 posts)

7. Leave Jamie Dimon aloooooone!

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.

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Response to wordpix (Original post)

Fri Dec 30, 2011, 04:43 PM

valerief (53,235 posts)

8. People. People who hate people. Are the greediest people. In the world.

A little rewrite to Streisand's famous Funny Girl song.

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Response to wordpix (Original post)

Fri Dec 30, 2011, 05:06 PM

Beavker (823 posts)

9. Here's partly why this happens

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

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Response to Beavker (Reply #9)

Fri Dec 30, 2011, 06:12 PM

phasma ex machina (2,328 posts)

10. The central bankster families running the City of London Company that owns the world come from the

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?

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Response to Beavker (Reply #9)

Sat Dec 31, 2011, 10:18 AM

dotymed (5,610 posts)

18. Yes, and it's all for short term profits.

This type of profiteering is what has brought America to it's knees. They should be prisoners not bankers

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Response to wordpix (Original post)

Fri Dec 30, 2011, 06:14 PM

Charlemagne (576 posts)

11. But they earned it

And if we keep reducing their taxes, then maybe they will start to invest in businesses and hire people.

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Response to wordpix (Original post)

Fri Dec 30, 2011, 11:20 PM

BeHereNow (17,162 posts)

13. Obscene. No words. Speechless. n/t

bhn

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Response to wordpix (Original post)

Fri Dec 30, 2011, 11:41 PM

DirkGently (12,151 posts)

14. The bonus is for getting U.S. tax payers to pay the bank for the bank screwing them. Takes skill.

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Response to DirkGently (Reply #14)

Sat Dec 31, 2011, 01:47 AM

Amonester (11,541 posts)

17. Yep. Knowing who to bribe and when, and how much takes skill.

I bet it took them years to figure out how.

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Response to wordpix (Original post)

Fri Dec 30, 2011, 11:43 PM

sarcasmo (23,739 posts)

15. 42 million, doesn't that guy live in Manhattan not far from Occupy.

Just saying.

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Response to wordpix (Original post)

Sat Dec 31, 2011, 01:35 AM

wordpix (18,652 posts)

16. ""These companies simply have no credibility." Wow, ain't that the truth

and anyone investing in them is investing in the likes of Jamie Dimon making $42 million/year while the company's worth plummets.

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