JP Morgan CEO Gets 15 Cents If You Go Hungry [Cheyenne]

April 11, 2011

Last week it was reported that JP Morgan CEO Jamie Dimon received $37.8 million in compensation and restricted stock and options, as the company’s stock price rose on greater profits. That’s up $2 million from the $35.8 million paycheck Dimon got in 2008, when JP Morgan’s stock and profitability plummeted and the company got bailed out with TARP funds. In other words, JP Morgan’s CEO gets paid an obscene sum of money regardless of his company’s performance.

So what (if anything) does Jamie Dimon’s paycheck correlate to in the real world? The answer is the number of hungry Americans. “JP Morgan is the largest processor of food stamp benefits in the United States. JP Morgan has contracted to provide food stamp debit cards in 26 states and the District of Columbia.” In October 2008, when Wall Street milque toasts like Jamie Dimon got bailed out by Congress, there were 30.8 million people on food stamps. By December 2010, that number had risen to 44.1 million people. Jamie Dimon’s $2 million pay raise between 2008 and 2010 occurred even as 13.2 million Americans were added to the food stamps program. 

The bottom line is that for each additional American forced to resort to food stamps, JP Morgan CEO Jamie Dimon pockets 15 cents. That reality is all you need to know about the so-called “recovery” endlessly touted by Bernanke’s army of shills in the media.