So Jamie Dimon has proudly negotiated settlements worth 25 billion dollars with the federal government because, as he openly acknowledges, he doesn't want to go to trial on all these crimes JP Morgan Chase has committed. I mean, if a jury of regular folks looked at the stuff Dimon and JPM had done, they might well throw the book at them- like actually send them to jail or something. So Dimon certainly doesn’t want that. And the JPM board was clearly thrilled with all the settling being done, because they rewarded Dimon with a 74% raise. That is one really serous raise, especially given how much they already pay the man.
So here's my question: If JPMorgan is so happy with their settlements that they are rewarding their CEO with a big raise, do you really think the federal bank regulators were tough enough?
There are a lot of steps we can take to push the regulators to do their jobs and hold financial institutions fully accountable when they break the law, and I think a good starting place would be by enacting the Truth in Settlements Act.
This is the bill I recently introduced with Senator Coburn that would require accessible, detailed disclosures about settlement agreements so the public can hold regulators accountable -- no more hiding out behind closed doors and keeping the details secret.
The organization I chair, American Family Voices, stands with Senator Warren on this incredibly important bill, but we also want to take things a step further: we want to send Jamie Dimon a message that while his board might love him, the rest of America is sick and tired of him and the other Too Big To Fail bankers who are ripping off the American people. We made a video to make the point that Jamie Dimon shouldn’t be given a raise, he should be held up to ridicule and shame. So, Mr. Dimon, here’s to you on the event of your 4% raise: Shine Bright Jamie Dimon.