So why does this guy still have a job anyway?

(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.

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  1. What a Galt.

  2. J.P Morgan is rumored to have stopped the funding of electrical genius Nicola Tesla when he learned Tesla wanted free energy for all.

    • kj on February 24, 2009 at 2:37 pm

    bastard.  

  3. …the brilliance of trickle-down economics.  

    We need these really smart Wall Street guys to take care of our money for us, so we don’t go foolishly wastin’ it on food and shelter and medicine.  Trickle, baby, trickle!

    The TARP is a TRAP (Totally Ridiculous Ayers-ish Policy).  Free these freedom-lovin’ CEO’s from the oppression of liberal bailouts!  

    • dkmich on February 24, 2009 at 3:19 pm

    SOB deserves a baseball bat.  While WS and Bush walk free, we have this as our reward.  Teach us to be so fucking responsible.  

  4. I ask it about a lot of people, lately.

  5. including Geithner and Summers? The new Sec. of Commerce pick is another Clintonite, WTF? Can’t understand the hiring policies of this administration. Then again maybe these are the best of the lot. If they put the banks into receivership they could fire these crooks. Maybe the crooked banks and the Clinton’s with their Blue dogs and free trading, deregulating are the only ones who know where the bodies are buried? I don’t know but it makes me kind of nuts, how can this administration implement any change at all with this lot still employed and extorting money for their crimes. Privatization deregulation and criminals still running the show.

    Nationalization is as American as apple pie, says Krugman.

    http://www.nytimes.com/2009/02

       

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