News Wrap: JPMorgan Was Honest With Shareholders, Jamie Dimon Says | PBS NewsHour | June 19, 2012 | PBS
Robber-barons ought to cough up some of their largesse after they've cracked the piggy bank. Their has to be repercussions for losing 2 billion dollars in a publicly-traded company - not just one-way ever increasing bonuses.
"REP. BARNEY FRANK, D-Mass.: You did say finally that there would be some clawbacks for compensation. You have also taken some responsibility here. Will the clawbacks for compensation -- is your compensation on the table for consideration of clawbacks?
JAMIE DIMON, chairman, JP. Morgan Chase: Yes, all of these -- this whole axis if being reviewed by the board.
REP. BARNEY FRANK: Yours specifically. Just a specific question.
JAMIE DIMON: My compensation is 100 percent up to my board.
REP. BARNEY FRANK: Is it -- Mr. Dimon, you said that there are going to be clawbacks for people responsible. Is your compensation in the pot that's going to be considered for that?
JAMIE DIMON: They will do what they see is appropriate. I can't tell my board what to do."
Robber-barons ought to cough up some of their largesse after they've cracked the piggy bank. Their has to be repercussions for losing 2 billion dollars in a publicly-traded company - not just one-way ever increasing bonuses.
"REP. BARNEY FRANK, D-Mass.: You did say finally that there would be some clawbacks for compensation. You have also taken some responsibility here. Will the clawbacks for compensation -- is your compensation on the table for consideration of clawbacks?
JAMIE DIMON, chairman, JP. Morgan Chase: Yes, all of these -- this whole axis if being reviewed by the board.
REP. BARNEY FRANK: Yours specifically. Just a specific question.
JAMIE DIMON: My compensation is 100 percent up to my board.
REP. BARNEY FRANK: Is it -- Mr. Dimon, you said that there are going to be clawbacks for people responsible. Is your compensation in the pot that's going to be considered for that?
JAMIE DIMON: They will do what they see is appropriate. I can't tell my board what to do."
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