Weekend Economists Examine (E)sc(h)atology January 24-26, 2014

[Demeter]

65. Bill Black: Dimon Does Davos, and His Board Gives Him a Raise

http://www.nakedcapitalism.com/2014/01/bill-black-dimon-davos-board-gives-raise.html




If, as an effort at satire, I had written the story that the New York Times’ “DealBook” has just written about what JPMorgan’s board of directors has just actually done, people would have dismissed my piece as absurdly over the top. The board has decided to increase Jamie Dimon’s compensation substantially. The reason the board gives (in leaks to DealBook) must have resonated with Deal Book because it is the theme song that Deal Book has been singing for months, another “‘somebody done Dimon wrong’ song.”

Recall that the title of Andrew Ross Sorkin’s country-western lament was that Dimon was the victim of “bloodlust” because Dennis Kelleher, the head of the NGO “Better Markets,” believed that Dimon should be fired for poor performance.

As a slight reality check, which DealBook religiously avoids, Dimon led JPMorgan while it committed what government investigators have identified as over 15 frauds, most of them massive. As I’ve explained, Deal Book’s graphic laying out (very tersely) these frauds goes on for pages. These frauds represent the greatest financial crime spree the government has ever identified. I am not counting the frauds of Bear Stearns and Washington Mutual (WaMu)....


AND IT JUST GETS BETTER!