Moments ago JPM released an 8-K which revealed Jamie Dimon’s total compensation for the year. The answer: $28 million, up from the $27 million he was paid in 2015. Which, since Jamie Dimon is already a billionaire, will hardly make an impact on his bottom line.
JPMorgan Chase & Co. (the “Firm”) announced that the independent members of the Board of Directors (the “Board”) approved Mr. James Dimon’s total compensation for 2016, in the amount of $28,000,000, compared to last year’s total compensation of $27,000,000. Mr. Dimon’s total compensation includes an annual base salary of $1,500,000 and performance-based variable incentive compensation of $26,500,000. $5,000,000 of the variable incentive compensation will be delivered in cash and the remaining $21,500,000 will be delivered in the form of Performance Share Units (“PSUs”). Both base salary and cash incentive remain unchanged from last year. The key features of Mr. Dimon’s 2016 PSU award, including financial metric, performance goals, payout levels, vesting and hold requirements, also remain unchanged from the PSU award granted last year.
How did the board make its decision?
Just days after being appointed to Trump’s “Strategic and Policy Forum,” JP Morgan CEO, Jamie Dimon, has been named Chairman of Business Roundtable. Obviously, this is yet another prominent D.C. position for Wall Street just as Trump gets set to take the White House amid promises to “drain the swamp.”
Per a press release posted to the Business Roundtable website, Dimon will take over the Chairman position from Doug Oberhelman, the CEO of Caterpillar, and will serve a two-year term that will last through December 21, 2018.
“Jamie is one of the most accomplished business leaders in America,” Oberhelman said. “He is a strong and positive force for sound economic policies and the need for a diverse and skilled workforce. His depth of understanding and optimistic vision of America’s future make him exactly the right person to lead Business Roundtable to work with the new Administration and Congress.”
Shortly after Donald Trump picked former Goldman partner Steven Mnuchin as Treasury Secretary, he was rumored to be considering another Goldmanite, current President and COO Gary Cohn – who as reported earlier this week is already contemplating “life after Goldman” – for energy secretary. The follows a previous report that Trump may appoint Cohn as head of the Office of Management and Budget. So, as Trump wonders which other Goldman banker to poach to fully outsource financial management of the US directly to Goldman, a taxpayer-backed hedge fund which has already taken over the world’s central banks, he decided to spread the Wall Street love and earlier today announced that he has created an economic panel chaired by Blackstone’s Stephen Schwarzmann, whose members will also include such illustrious “non-swampies” as Jamie Dimon and Larry Fink, as well as various other “prominent U.S. business leaders” to get Wall Street’s advice on such matters as … job creation.
The President’s Strategic and Policy Forum will begin meeting with Trump in February after his inauguration. From the announcement:
President-elect Donald J. Trump today announced that he is establishing the President’s Strategic and Policy Forum. The Forum, which is composed of some of America’s most highly respected and successful business leaders, will be called upon to meet with the President frequently to share their specific experience and knowledge as the President implements his plan to bring back jobs and Make America Great Again. The Forum will be chaired by Stephen A. Schwarzman, Chairman, CEO, and Co-Founder of Blackstone.
Having already been under selling pressure today, a tweet from Fox’s Maria Bartiromo suggesting CEO Jamie Dimon is about to be offered the job of Treasury Secretary, pushed JPMorgan shares notably lower.
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
Shareholders are not happy…
‘Anti-establishment’ President Trump considers Illuminati bank JPMorgan’s Jamie Dimon for Treasury Secretary …
Trump and Clinton are both Rothschild puppets.
One week ago, when the prospect of a Trump presidency was “calculated” as being anywhere between 0% and 20% by so-called experts, we reported that Trump’s campaign finance chair, Goldman Sachs partner and Soros Fund management alum, Steven Mnuchin, was being positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.
Now, according to CNBC, Trump has decided to expand beyond just Goldman alumni, and is allegedly considering JPMorgan CEO Jamie Dimon as the next US Treasury Secretary.
— CNBC (@CNBC) November 10, 2016
Needless to say, we can only hope that this is an attempt to scare clicks by CNBC instead of the actual truth, because if Trump hopes that he can “drain a swamp” by hiring the swamp puppet master, he – and millions of his supporters – will be very disappointed.
The Panama Papers opened yet another window on the global system of financial corruption, showing how political leaders and businesses use shell companies in secrecy havens like the British Virgin Islands and many US states to evade taxes and hide corruption and other crimes. Yet the system of corruption depends on another factor beyond secrecy, one that is perhaps even more important: impunity. Impunity means that the rich and powerful escape from punishment even when their malfeasance is in full view.
On February 12, Jamie Dimon made headlines when he bought 500,000 shares, or some $26 million worth of JPM stock which coming one day after the market hit its lowest point in the recent selloff, has become known as the “Dimon Bottom.” Was it just good timing or was there something more to the purchase some wondered. As it turns out the purchase may have been nothing more than Jamie frontrunning his own company’s multi-billion buyback, because as JPM announced moments ago, the company of which he is a CEO, just authorized the repurchase of an additional $1.9 billion in stock over the next three months, thereby assuring CEO Jamie of an even great profits on his recent acquisition.
From the release: