(8 am. – promoted by ek hornbeck)
In a move of breathtaking and remarkable callousness even for a soulless greed driven banker, JP Morgan announced yesterday that it was slashing it’s dividend 87% from 38 cents to a nickle a share-
JPMorgan slashes dividend
By Jonathan Stempel, Reuters
Tue Feb 24, 2009 4:15am EST
NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N), the second-largest U.S. bank, slashed its common stock dividend 87 percent on Monday, a surprise move by a lender considered among the strongest in the U.S. financial sector.
The bank also said it has been “solidly profitable” this quarter, and that the outlook for the three-month period is “roughly in line” with analyst forecasts. Shares rose 5.5 percent in after-hours trading.
JPMorgan said its decision to lower its quarterly dividend to 5 cents per share from 38 cents will save $5 billion of common equity a year. It hopes the lowered payout will help it pay back the $25 billion of capital it got in October from the government’s Troubled Asset Relief Program faster.
So why do you think Jamie Dimon is so anxious to pay back the TARP Funds? Out of a sense of patriotism and the goodness of his heart?
Maybe it has something to do with this-
Geithner May Have Little Leeway on Executive Compensation Rules
By Matthew Benjamin, Bloomberg
February 20, 2009
Treasury Secretary Timothy Geithner and his staff will have little leeway to dilute the executive pay rules enacted by Congress for banks getting U.S. government aid, according to legislative and compensation analysts.
The new rules force the top five executives at banks receiving at least $500 million from the Troubled Asset Relief Program — such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. — and the 20 most highly paid employees at those firms, to forgo cash bonuses. Incentive pay will be limited to stock that is restricted until bailout funds are repaid. The language went beyond guidelines the Treasury previously issued for future recipients of “exceptional” aid.
Jamie Dimon is willing to shaft his shareholders so he and his fellow parasites can keep sucking down their obscene salaries.