Just because the bank suffered a $6 billion trading loss, JPMorgan Chase has ruthlessly cut in half the salary of its chief executive officer, Jamie Dimon.
The loss wasn’t so bad. It was only a little more than the company’s fourth quarter earnings of $5.7 billion.
His pay cut means Dimon will have to skim by on only $11.5 million a year.
How many yachts, mansions and country club memberships can a person afford on that minimum wage? How would you like it if your boss took $11.5 million out of your paycheck?
It shows the heartlessness of Big Business as it is practiced today. Next thing you know some people will try to hike the income tax rate on people like Dimon, making it even as high as the rate a bank teller has to pay.
It’s tough being rich these days.