[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Sign-in] [Mail] [Setup] [Help]
Status: Not Logged In; Sign In
|
Business/Finance See other Business/Finance Articles Title: Jamie Dimon Thinks You’re Lazy and Stupid Jamie Dimon Thinks You’re Lazy and Stupid Posted on May 28, 2015 by Brad Hoppmann He’s controversial, he’s brash, he’s the poster boy for Wall Street banking elitism — and he thinks you’re lazy and stupid. Who else would this be besides JPMorgan Chase (JPM) chairman and CEO Jamie Dimon? This man’s very presence can elicit gooseflesh of the sort we all felt in the fall of 2008. That was when the nation’s banking system was on the verge (so they claim) of virtual collapse. This week, Dimon made headlines again for comments he made at JPMorgan’s annual shareholder meeting. Here’s how the Wall Street Journal’s Moneybeat characterized the Dimon smack talk: Mr. Dimon, chairman and CEO of the bank, said it is “irresponsible” for shareholders to base their votes solely on advisory proxy firm recommendations from Institutional Shareholder Services Inc. and Glass Lewis & Co., both of which recommended shareholders vote against JPM’s executive compensation plans and vote for an independent chairman. He joked that he knows some investors in the audience don’t examine the issues and just vote based on those firms’ guidance. “God knows how any of you can place your vote based on ISS or Glass Lewis. If you do that, you are just irresponsible. I’m sorry. And you probably aren’t a very good investor either. And you do, believe me, I know some of you in here do it because you’re lazy.” The last time I checked, Dimon’s language isn’t the way to talk to the owners of your company. *** In fact, I am pretty certain that you wouldn’t talk to the owners and/or customers of your company or business this way. I know I wouldn’t talk to the ownership or customers of my business like that, but then again, I am not an elitist banker that takes bailout money from taxpayers. I’ve also never concocted an executive compensation plan that pays me some $20 million per annum. Now, don’t get me wrong, I am not someone who beats up on bankers for sport. But if I were, it would be a relatively easy pastime. I also don’t begrudge making money. After all, I think anyone who successfully generates profits and creates wealth for shareholders should be justly compensated for his/her efforts. However, in responding to the shareholder vote on the JPMorgan executive compensation package, Dimon basically told shareholders to ignore the advice of proxy firms in favor of what he and his fellow executives proposed. Poster Comment: This may be the reason he is now out as CEO. ;) Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: BTP Holdings (#0)
(Edited)
The Jue.
|
||
|
[Home]
[Headlines]
[Latest Articles]
[Latest Comments]
[Post]
[Sign-in]
[Mail]
[Setup]
[Help]
|
||