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(Huffington Post)   JPMorgan Chase CEO Jamie Dimon, who made $23 million last year, thinks journalists, who average $43,780 per year, are ridiculously overpaid   (huffingtonpost.com) divider line 161
    More: Stupid, JPMorgan Chase & Co.  
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10105 clicks; posted to Main » on 29 Feb 2012 at 4:04 PM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-02-29 04:28:19 PM  
Case Study
How internet facts are made

1) Dimon uses newspapers as an example of high human capital companies like his own that pay higher wages compared to equity, as compared to traditional firms, in defence of the pay rates at his own company by drawing a comparison between Journalists and Investment Bankers.

2) Bloomberg puts out story on this, focusing on the newspaper side but still appreciating that it is an example used in defense of his own company.

3) Lazy HuffPost author does a quick read of the Bloomberg article and ignores the context and point of the comment and spins it into purely focusing on the newspaper comment, completely ignoring the fact that Dimon is actually defending the practice.

Later adds an update from JPMorgan that vaguely aknowledges the original point.

4) Fark regurgitates the piece after it has been through 3 consecutive treatments, and then ignores the update.

-----

This is how internet facts are made. Whee!
 
2012-02-29 04:29:51 PM  

skazzytl: JPMorgan paid the 25,999 employees in the investment bank an average of $341,552 last year

I need one of those jobs :(


I bet you're working 80 hours a week then. Investment banking, at least from what I remember from my finance professors, sucks.
 
2012-02-29 04:29:53 PM  

Necronic: Case Study
How internet facts are made

1) Dimon uses newspapers as an example of high human capital companies like his own that pay higher wages compared to equity, as compared to traditional firms, in defence of the pay rates at his own company by drawing a comparison between Journalists and Investment Bankers.

2) Bloomberg puts out story on this, focusing on the newspaper side but still appreciating that it is an example used in defense of his own company.

3) Lazy HuffPost author does a quick read of the Bloomberg article and ignores the context and point of the comment and spins it into purely focusing on the newspaper comment, completely ignoring the fact that Dimon is actually defending the practice.

Later adds an update from JPMorgan that vaguely aknowledges the original point.

4) Fark regurgitates the piece after it has been through 3 consecutive treatments, and then ignores the update.

-----

This is how internet facts are made. Whee!


You win one free Internets!
 
2012-02-29 04:31:09 PM  
At this rate, we're heading for our own Baader-Meinhoff Gang. I hope you guys look cool in sunglasses and leather jackets.
 
2012-02-29 04:31:47 PM  
Jamie Dimon is a parasite feasting off the ass end of the American public. If he and his ilk all died tomorrow the country would be a much nicer place.
 
2012-02-29 04:32:54 PM  
It's a lucky thing for this guy that he's living in a country where the populace by and large doesn't organize and get violent like they do in Europe. If the average person here had an inkling of what can be done by an angry mob, there would be quite a number of dead bankers.

gramilano.com

A riot is an ugly thing... and I think it's just about time WE HAD ONE!
 
2012-02-29 04:33:13 PM  

brigid_fitch: Well, for what passes as journalism in this country lately, I'd agree.


This, 1000 times this
 
2012-02-29 04:34:19 PM  

FitzShivering: So, not to defend the evil capitalist guy and all, but that's not, in fact, what he said. He said that a ridiculous percentage of revenue is paid out to employees, and followed up that that's with the employees not even making anything.


I take exception to the "not even making anything" more than anything; while the HuffPo article is (surprise!) pretty lousy, the newspapers produce news. This attracts readers/consumers who then stare at ads and the cycle continues. Poor reporting, bad writing, unengaging articles spells dwindling readership. That's like saying "NFL teams spend way too much on players... those guys don't even make anything" when we all know that without the players, there's no paying customer.

So, a biased article to be sure but the guy is a jackass based on his own words. And the HuffPo uses unpaid bloggers for a lot of their material, as far as I know... EVIDENCE!
 
2012-02-29 04:34:26 PM  
For whoever wanted to know JPMorgan Chase median salaries, this is for you. (new window)
 
2012-02-29 04:38:32 PM  
So, the CEO of a bank that specializes in ripping the poorest account holders off says other people are over paid ... mhmmm, right. About that $12 maintenance fee you wanted to charge my checking account because I don't have direct deposit. I think Charter One and Huntington Bank appreciates your candor for gaining my business.

Cawk-suckers ...
 
2012-02-29 04:43:09 PM  

mjones73: FitzShivering: So, not to defend the evil capitalist guy and all, but that's not, in fact, what he said. He said that a ridiculous percentage of revenue is paid out to employees, and followed up that that's with the employees not even making anything.

He did not, in fact, say they were overpaid. He said their business model is completely broken.

He's still a smarmy, hypocritical prick, but both the Huff headline and the Fark headline are incorrect. We have enough reasons to dislike these people without making up more.

Are you trying to say the media didn't report something correctly? Imagine that...


Hence the overpaid part....
 
2012-02-29 04:43:48 PM  

Pincy: generallyso: lohphat: I've heard people say that if they're ever diagnosed with a terminal illness, they're going to take out people like this with them.

Interesting regulatory concept.

People like him have armed guards. That's why rich assholes don't get shot when they break the economy.

Fine, then it will be an army of all my terminally ill buddies.


The politics tab is your army?
 
2012-02-29 04:48:58 PM  
yes well I'm sure the feeling is mutual.

/idiot.
 
2012-02-29 04:49:50 PM  
The "reporter" is a farking liar.

fta: "The New York Times Company reported an operating profit of $56.7 million in 2011."

following the link from the article, the truth is: "For the full year, the company reported a net loss of $39.7 million"


ruh roh

looks like someone never took economics

or has a clue that all companies do this
 
2012-02-29 04:50:07 PM  

Dinki: In before someone tells us that Jamie Dimon is really worth that much because of the vast profits JPMorgan Chase made. Or excuse number 2, that $23 million is just a small percentage of the total revenue of JPMorgan Chase, so it's perfectly legitimate.


Hopefully, even here on FARK, you could post that as the last comment in a thread and it would still be true.

/I'm probably wrong and a response like that has already been posted.
 
2012-02-29 04:52:32 PM  
At the company's annual investor day, JPMorgan Chase CEO Jamie Dimon called the percentage of newspaper company revenue paid out to employees "just damned outrageous," according to Bloomberg News. "Worse than that, you [the media] don't even make any money!"

JPMorgan spokesperson Jennifer Kim wrote in an e-mail Wednesday that Dimon was saying that the compensation-to-revenue ratio is "almost always higher at firms with lots of human capital -- such as law firms, investment banks and even newspapers, rather those types of companies, like steel companies, whose capital is mainly in their materials, factories, etc."


Wut?
 
2012-02-29 04:55:05 PM  
If they are Web journalists, then sure because they should be able to spell at that pay grade.
 
2012-02-29 04:56:27 PM  
journalists, who average $43,780 per year

I don't think, in the time I was in the profession, I worked with anyone in the industry who made more than $35,000. Mid-markets, too. I'd really like to see the income disparity based on market location.
 
2012-02-29 04:56:34 PM  
cache.gawker.com
 
2012-02-29 04:57:12 PM  
Wow. I used to work for a newspaper and I don't think anyone was pulling down those kind of figures outside of the higher level ad reps and the corporate people.
 
2012-02-29 04:58:14 PM  

FlashHarry: what an ass.


It doesn't make it any less true.

:-P
 
2012-02-29 05:01:45 PM  

generallyso: lohphat: I've heard people say that if they're ever diagnosed with a terminal illness, they're going to take out people like this with them.

Interesting regulatory concept.

People like him have armed guards. That's why rich assholes don't get shot when they break the economy.


Hah. That's not really that hard to get around. .30cal from long range, ain't no guard stopping that. And that's just the easiest, off the top of the head idea. People just aren't quite ready to do it yet, I suppose.

We all get cancer sooner or later. Might as well do something that will make a difference.
 
2012-02-29 05:07:08 PM  

Pincy: Dimon then defended his company's own pay levels, arguing it necessary in the struggle to retain top talent. "We are going to pay competitively," he said, according to the WSJ. "We need top talent, you cannot run this business on second-rate talent."

Take a look in the mirror douchebag, you just proved your own theory wrong.


Thats what I got out of this article, that one quote just cracked me up. God damn these f**kers are arrogant worthless slime on society. They produce nothing of value, and could easily be replaced, or disappear all together without anyone noticing. Nothing is angered me more than listening to these asshahts talk about how vital and important they are. This crap about "top talent" is such complete and utter bullshiat. No, it is more like they sucked off or went to school with.

I have to say I too am amazed no terminally ill or 85 year old has just not unloaded a full clip on some asshats on Wall Street. Instead we get morons who go on shooting sprees killing police because they feared the black dude living in the white house might take his precious guns away.
 
2012-02-29 05:07:28 PM  
Larry Summers is on video on bottom.
An example of brilliance mixed with balls-out greedy--he knew and chose to ignore warnings of mort default swaps and the exposure they created in multiple industries. Mostly because he was making so much cash on them.
 
2012-02-29 05:08:43 PM  
i.cnn.net

See, I'm a SOMEBODY, see? You? You f*cks are nobodies. Now eat your gruel and bring me some more money!
 
2012-02-29 05:08:44 PM  

Psylence:
Hah. That's not really that hard to get around. .30cal from long range, ain't no guard stopping that. And that's just the easiest, off the top of the head idea. People just aren't quite ready to do it yet, I suppose.

We all get cancer sooner or later. Might as well do something that will make a difference.


Generally speaking US cities are short on sniper nests and building owners aren't friendly towards random people off the street who want to go up to their roof.
 
2012-02-29 05:09:00 PM  
Jamie Dimon is ridiculously dickish. I won't wish harm on him or anything, but it would be great if there was some way CEO Douchewad could end up broke and penniless in a gutter.

Eddie Adams from Torrance
JPMorgan paid the 25,999 employees in the investment bank an average of $341,552 last year

That seems a little low. It's shameful that the Government won't step up and give JPMC some more cash so they can pay their employees a living wage.


There was a time a few decades back when working at an investment bank was just a typical middle class job as far as salary went. Then apparently the banks figured out that they had really, really giant piles of money and could restructure their "products" to take bigger and bigger fees out to pay themselves really giant piles of money. They also learned that institutional investors wouldn't give a shiat how much execs and everyone else were paid as long as they got an okay return.
 
2012-02-29 05:09:24 PM  

Eddie Adams from Torrance: JPMorgan paid the 25,999 employees in the investment bank an average of $341,552 last year

That seems a little low. It's shameful that the Government won't step up and give JPMC some more cash so they can pay their employees a living wage.


you farkers are dolts to fall for this stats. BS

look there could be 4 people working for Fark Inc. One makes 5,000,000 a year and the other three make 50,000 a year. The average salary is 1,287,500 a year...

what is the median wage for those 25,999 employees....
 
2012-02-29 05:09:24 PM  
Yeah, preach it Jamie! Let 'em eat CAKE!
 
2012-02-29 05:11:15 PM  
ssa5
They produce nothing of value, and could easily be replaced, or disappear all together without anyone noticing. Nothing is angered me more than listening to these asshahts talk about how vital and important they are. This crap about "top talent" is such complete and utter bullshiat. No, it is more like they sucked off or went to school with.

This. It's pure bullshiat to justify ripping everyone else off. The game is rigged.
 
2012-02-29 05:11:33 PM  

untoldforce: For whoever wanted to know JPMorgan Chase median salaries, this is for you. (new window)


That's for JPMC as a whole and includes retail banking (Chase) where you have lots of lower salaried folks like bank tellers, etc. Salaries in investment banking are MUCH MUCH higher. I have some friends who work in IT at a couple of NY investment banks and they make obscene amounts of money... they also work crazy hours and are generally treated like shiat though, so there's that.
 
2012-02-29 05:12:19 PM  
No doubt the CEO of AT&T agrees with him.

Keep up the good work Occupy Atlanta.
 
2012-02-29 05:14:43 PM  
He's an idiot it and off base, the Huffington post doesn't compensate many of it's contributors, so yeah he's wrong about the 'being over paid' part, Arianna/AOL have is down pat baby

/nuthin'
 
2012-02-29 05:16:15 PM  
Is anyone Not surprised he considers himself top talent?
 
2012-02-29 05:16:25 PM  
"The average JPMorgan employee made $341,552 last year, according to Bloomberg News."

Average =/= median.

When you factor in the CEO's $23 million dollar salary, it ruffles things up a bit.
 
2012-02-29 05:16:42 PM  
Gee, thanks for opening your eyes and ears and then writing about what you saw and heard. You are truly heroes
 
2012-02-29 05:18:18 PM  

Lunaville: No doubt the CEO of AT&T agrees with him.

Keep up the good work Occupy Atlanta.


DamnYankees: What a piece of shiat.


It's tough living humble, what with 5-7 cars and a gigantic salary with which a single year can pay for 3-4 generations of your family who will be lazy farks and live like celebrities.
 
2012-02-29 05:18:47 PM  
according to the link that that article got her source from..

JP Morgan pays 34% of its revenues to employees..
Newspapers pay 42% of their revenue to employees..

His comments are referring to the percentage of wages, not the gross amount.

The reporter did seem to accurately twist his words to show it in a negative light though, maybe she should get a raise.
 
2012-02-29 05:19:19 PM  

patrick767: ssa5
They produce nothing of value, and could easily be replaced, or disappear all together without anyone noticing. Nothing is angered me more than listening to these asshahts talk about how vital and important they are. This crap about "top talent" is such complete and utter bullshiat. No, it is more like they sucked off or went to school with.

This. It's pure bullshiat to justify ripping everyone else off. The game is rigged.


CEO: I am the Best and the Brightest. I deserve to make 10 times more in a year than you can hope to make in a lifetime.

The Public: How do we know you are the Best and the Brightest?

CEO: Because I make make 10 times more in a year than you can hope to make in a lifetime.
 
2012-02-29 05:19:19 PM  

ssa5: Pincy: Dimon then defended his company's own pay levels, arguing it necessary in the struggle to retain top talent. "We are going to pay competitively," he said, according to the WSJ. "We need top talent, you cannot run this business on second-rate talent."

Take a look in the mirror douchebag, you just proved your own theory wrong.

Thats what I got out of this article, that one quote just cracked me up. God damn these f**kers are arrogant worthless slime on society. They produce nothing of value, and could easily be replaced, or disappear all together without anyone noticing. Nothing is angered me more than listening to these asshahts talk about how vital and important they are. This crap about "top talent" is such complete and utter bullshiat. No, it is more like they sucked off or went to school with.

I have to say I too am amazed no terminally ill or 85 year old has just not unloaded a full clip on some asshats on Wall Street. Instead we get morons who go on shooting sprees killing police because they feared the black dude living in the white house might take his precious guns away.


As a rock-ribbed conservative, I have to agree with your assessment of bankers. They do produce absolutely nothing of value, rather they are parasites. They do not generate wealth, they manipulate money. And for their "pains" they take a disproportionate share of that money. But you notice that, in every administration, the Treasury Secretary and his henchmen all come from the financial sector. They are in cahoots with lawyers - you know, the guys who get elected to Congress or who work as staffers for the various House and Senate committees and subcommittees who write all the regulations. Is it any wonder that they are allowed to operate the way they do?

Having them killed is not the answer. Rather, they should have to work as janitors, garbage collectors and lawn boys for the folks they've been ripping off all these years. Given their skills and talent, however, we'd all be living in filth and surrounded by out of control weeds
 
2012-02-29 05:20:16 PM  

Irving Maimway: It's a lucky thing for this guy that he's living in a country where the populace by and large doesn't organize and get violent like they do in Europe. If the average person here had an inkling of what can be done by an angry mob, there would be quite a number of dead bankers.


The anti-banker death count in European riots so far is what.... 3?
That's no where near a soccer riot or a hair metal concert.
That's down there with a shopping riot.
I'm not impressed.
 
2012-02-29 05:24:30 PM  
"The average JPMorgan employee made $341,552 last year, according to Bloomberg News."

Average =/= median.

When you factor in the CEO's $23 million dollar salary, it ruffles things up a bit.


thats one CEO and 76 reporters!
 
2012-02-29 05:26:44 PM  

Dinki: In before someone tells us that Jamie Dimon is really worth that much because of the vast profits JPMorgan Chase made. Or excuse number 2, that $23 million is just a small percentage of the total revenue of JPMorgan Chase, so it's perfectly legitimate.


He deserves every penny. Just look at all the good he's done for our economy!
 
2012-02-29 05:29:22 PM  

ssa5: This crap about "top talent" is such complete and utter bullshiat. No, it is more like they sucked off or went to school with.


It's hard work to find people who are sleazy, amoral and twisted enough to do these jobs and not be tortured by their conscience.

/Actually it's probably pretty easy.
 
2012-02-29 05:33:06 PM  
I love everyone in this thread saying "He should look in the mirror - he's second rate!" and "He could easily be replaced."

Really? How many banks failed or required bailing out?

Merrill Lynch, Lehman Brothers, Bear Sterns, Fannie Mae, Freddie Mac, Washington Mutual, Wachovia, Citigroup, and AIG...

I'm not defending the guy's wealth, but clearly he *is* better at his job than most bank CEOs, even if that means being a cut-throat or whatever. Under him, and through acquiring some of the above banks through fire-sales, JPMorgan Chase leapfrogged to become the biggest U.S. Bank. He certainly makes money for the shareholders, his bosses, and so they reward him.
 
2012-02-29 05:36:45 PM  

Choo-Choo Bear: the biggest U.S. Bank.


Huh. I figured the biggest US Bank was in Minneapolis.
 
2012-02-29 05:40:21 PM  

tenpoundsofcheese: The "reporter" is a farking liar.

fta: "The New York Times Company reported an operating profit of $56.7 million in 2011."

following the link from the article, the truth is: "For the full year, the company reported a net loss of $39.7 million"

this is why reporters are overpaid. they have become partisan hacks.


operating profit =/= net losses. go strawman elsewhere.

your trollfu is weak.
 
2012-02-29 05:44:34 PM  

Choo-Choo Bear: I love everyone in this thread saying "He should look in the mirror - he's second rate!" and "He could easily be replaced."

Really? How many banks failed or required bailing out?

Merrill Lynch, Lehman Brothers, Bear Sterns, Fannie Mae, Freddie Mac, Washington Mutual, Wachovia, Citigroup, and AIG...

I'm not defending the guy's wealth, but clearly he *is* better at his job than most bank CEOs, even if that means being a cut-throat or whatever. Under him, and through acquiring some of the above banks through fire-sales, JPMorgan Chase leapfrogged to become the biggest U.S. Bank. He certainly makes money for the shareholders, his bosses, and so they reward him.


JP Morgan Chase required bailing out.
 
2012-02-29 05:51:44 PM  
*makes a mental note to move to a Credit Union*
 
2012-02-29 05:59:53 PM  

Psylence: generallyso: lohphat: I've heard people say that if they're ever diagnosed with a terminal illness, they're going to take out people like this with them.

Interesting regulatory concept.

People like him have armed guards. That's why rich assholes don't get shot when they break the economy.

Hah. That's not really that hard to get around. .30cal from long range, ain't no guard stopping that. And that's just the easiest, off the top of the head idea. People just aren't quite ready to do it yet, I suppose.

We all get cancer sooner or later. Might as well do something that will make a difference.


That's how WWI was started. Most members of black hand were TB patients earning money for their families for after their death. Remember that next time people debate the value of accessible healthcare.
 
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