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Lifestyles
JP Morgan Announces Pay Cuts, Excluding CEO Print E-mail
by Tom McGregor    Wed, Jun 13, 2012, 07:11 PM

Big-time donor of the Democratic Party, Jaime Dimon, CEO of JPMorgan Chase Bank, is blaming everybody but himself for a recently disclosed $2 billion trading loss.

Accordingly, he just announced a reduction in salaries of the bank’s senior executives, but of course, he’s excluding himself from the list.

The Houston Chronicle reports that, “JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.”

Dimon told the Senate Banking Committee that, “it’s likely that there will be clawbacks.”

According to the Houston Chronicle, “under bank policy, Dimon said, stock and bonuses can be recovered from executives, even for exercising bad judgment. The policy has never been invoked, he said.”

Mr. Dimon appeared to be happy and even smiled when speaking in front of Senate Democrats, since he made major donations to their campaign treasuries.

To read the entire article from the Houston Chronicle, link here:

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