Monday, January 27, 2014

JPMorgan boss rewarded with 74% pay increase despite fraud...

JPMorgan Chase CEO Jamie Dimon has been rewarded with a 74% pay increase, despite criminal activities by the company he directed that resulted in $20 billion in penalties last year.

The $20 million compensation package for 2013 awarded by the board includes a $1.5 million base salary—unchanged from last year—and "$18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus," CNNMoney reports.

Dimon received $11.5 million in compensation for 2012, compared to $23 million in 2011, following the "London Whale" bets that cost the company over $6 billion.

In November, the bank inked a widely criticized $13 billion settlement deal with the Justice Department for misrepresenting the quality of mortgages in mortgage-backed securities in the lead-up to the financial crisis. Full story...

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