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NYT Lets $27 Million Man Brag About What He’s Doing for Income Inequality


#1

NYT Lets $27 Million Man Brag About What He’s Doing for Income Inequality

Jim Naureckas

They must have been high-fiving themselves at JPMorgan Chase’s PR offices this morning.

Chase’s CEO, Jamie Dimon, was given prime space on the New York Times‘ op-ed page today (7/12/16) to declare that his bank was doing something about “wage stagnation” and “income inequality” by “giving thousands of employees a raise”:


#2

Looks like he tastes like chicken. Shall we see?


#3

I want to see more articles like this. I want more investigative journalism on how these guys are driving income inequality, how they rig the system for themselves, and what the face of income inequality really looks like. These two paragraphs were particularly helpful:
"Chase is the largest bank in the United States, and in 2015 it made $23.9 billion in after-tax income. You may have gotten the (intended) impression from Dimon’s op-ed that Chase has 18,000 employees; in fact, it has 241,000. That means for each one of its employees, the company is making $99,000 in profit. By comparison, the prospect of a $1.85-an-hour raise for 7 percent of them over three years is rather small potatoes.

Dimon himself made $27 million in compensation in 2015. Right now, the lowest-paid full-time Chase employee makes 0.08 percent as much as the CEO; for those who get the pay raise, after it goes through, it’ll be 0.09 percent—assuming that Dimon doesn’t get a pay raise of his own in the next three years. So not much of a blow against income inequality—a problem that is in large part driven by the financial industry’s soaring profits."
Until we figure out the tools they are using to drive income inequality, we won't be able to do much about it.


#4

That $27 million for 2015 s 35% more than Dimon's 2014 compensation. Guess he just needed to keep up with the real rate of inflation.

Chase is one of the major sponsors of the Dimcritter Party Convention in Philly and a major Team Clinton supporter so Dimon is just coordinating his smoke and mirrors with DimClint smoke and mirrors. So lighten up, Jim !


#5

I'm not an artist but it would be telling if someone drew a political cartoon of the financial industry with republicans in its right pants pocket and democrats in its left pants pocket. Maybe then more people will start to understand how this political system really is rigged and who's really doing it. Because it isn't climate scientists who are rigging american politics.


#6

Watch them close banks in California and New York or put in some kind of self-serve automated teller and/or robotics. Let's see if Chase steps up to the plate to actually PAY these better wages.


#7

If the New York times were actually dedicated to journalism, the New York Times would have published the analysis and numbers that Jim Naurekas posted at FAIR.

Jamie Dimon needs to be firmly separated from "his" wealth, and given useful work to do for the rest of his life.


#8

I was going to say the same thing...it's just Wall Street and Clinton scratching each other's back in order to get her elected and continue the charade.


#10

We need a referendum to establish a maximum wage, or better, a cap on wealth. Cap excesses could be redistributed equally to all citizens.


#11

This is proof that trickle down economics works, just not for the masses.


#13

Check out Movement4Bernie for directions on how to proceed with phase 2 of the revolution.

The revolution will not be televised.


#14

Join me in a boycott of the New York Times.


#15

I agree. Sounds like a worthwhile project.


#16

Jamie Dimon is a total fraud. Before the Brexit vote he went to London and told his employees there that if Brexit passed that they would lose their jobs because he would export the jobs out of the country.

Last year Dimon made public statements where he whined about not being the top paid Wall Street CEO. He insisted he should be the top paid with no evidence that he deserved more money.

Guys like him are both stupid and smart. They are too stupid to understand what they say is stupid, yet smart enough to know that no one will do anything about stupid people like him.


#17

This bailed out instead of jailed out banker needs to be doing community service for free, and he should be forced to give his money to causes without keeping a dime.


#18

Of course, except then congress will shout "Communism."


#19

Then we will shout "Democracy".


#20

Wouldn't that be nice?


#21

NYT have done really very good job.
These all people are the reasons for the Inequality of the income. If these people will start understanding the pain of normal man then it would be very good.

I request NYT to give it to Welfare of the people or these money can be use in investment purposes by the govt.