Wednesday, January 16, 2013
The Whale That Swallowed Half Of Jamie Dimon's Pay
Here's the link to JPMorgan Chase's report on the London Whale trading debacle.
"The mess has cost Jamie Dimon half his pay for the year, meaning he's going to have to get by on just $11.5 million, only $1.5 million of which will be in cash. It's like his own personal 9/11.
The board is absolutely right to hold Dimon at least partially accountable for the London Whale losses. I'm still waiting to get to the part of the report where the board takes some responsibility, too. Something tells me I shouldn't hold my breath while I'm doing it. As Fortune's Stephen Gandel points out, the board has hardly been rattled by the losses. It has a risk-management committee that must bear some of the burden of this mess."