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Do We Really Need these Guys?

February 18, 2011

Do we really need these guys? What have they done to help the U.S. economy except perpetuate the same trading games that went on to crash the global economy in 2008 and cause us all alot of grief? We bailed them out and all we hear now is how the deficit is too high; there is not enough money for everyday Americans; privatize Social Security; privatize healthcare. Wake up folks – we have been had.

Jamie Dimon, the chief executive of JPMorgan Chase, is reaping the benefits of a good year for the bank. The company disclosed on Thursday that he had received restricted stock and stock options valued at $17 million.

The award includes $12 million in a stock grant. That amount is 50 percent larger than the initial value of the one Mr. Dimon received in 2010, and it comes after a year in which JPMorgan’s annual earnings jumped 48

At Goldman Sachs, Lloyd C. Blankfein received a stock grant valued at $12.6 million and a salary increase to $2 million, from $600,000.

At Bank of America, Brian T. Moynihan received a stock grant valued at $9.05 million and a salary of $950,000.

At Morgan Stanley, James P. Gorman received a stock grant valued at $3.9 million and options valued at $3.5 million.

At Citigroup, Vikram S. Pandit received a raise in his annual salary to $1.75 million from a symbolic $1 a year.

Related: JP Morgan Chase Sued for $6 Billlion Related to Madoff Scheme

http://www.bloomberg.com/news/2011-02-09/madoff-suit-turns-on-what-jpmorgan-chase-knew-commentary-by-ann-woolner.html

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