JPMorgan Chase Faces Angry Shareholders

By: THE ASSOCIATED PRESS

TAMPA, Fla. – The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.

CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which totaled $23 million, according to an Associated Press analysis of regulatory filings.

Dimon, unusually subdued, told shareholders at the JPMorgan annual meeting that the company’s mistakes were “self-inflicted.” Speaking with reporters later, he added: “The buck always stops with me.”

Most of the shareholder ballots were cast in the weeks before Dimon revealed the trading loss.

His pay package passed with 91 percent of the vote. The vote to strip him of the chairman’s title won only 40 percent support. The bank did not announce separate results from before and after the loss was revealed.

Dimon was confronted at the meeting by shareholders upset about the trading loss, which has rattled investor confidence in the bank and complicated JPMorgan’s efforts to fight tougher regulation of Wall Street.

Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate, said that investors had heard Dimon apologize before for the foreclosure crisis and other problems.

“We heard the same refrain: We have learned from our mistakes. This will never be allowed to happen again,” Finn said. “I can’t help wondering if you are listening.”

Lisa Lindsley, director of capital strategies for an influential union of public employees that is also a major JPMorgan shareholder, said independent board leadership was in shareholders’ best interest.

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Guest:

Dawn Kopecki, covers JPMorgan Chase and banking for Bloomberg News

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BHA in Vermont

When Diamon dodged the bullet, did the stockholders recognize that the $2B loss is $2B that can’t be paid in dividends? Why should Diamon get off scott free when the company has lost money that should belong to the stockholders? Why should Drew get a $15M severance for retiring? There is NO pain at the top. Only short term embarrassment.

And when he says the bank “won’t make this mistake again” it doesn’t mean they won’t go looking for more “complex financial instruments”. It just won’t be the SAME CFIs. And they will hope to not make the mistake of getting caught with their pants down again.

I do not believe FOR A MINUTE that Diamond or any other bank exec has learned A THING from all their egregious self enriching activities. Noit this specific JP Morgan screw-up and not the 2008 meltdown. They are full of hubris and false self importance. They can’t make mistakes because they are so wonderful.
http://profile.yahoo.com/D5VTJA4VOW7Y4U2TFOF64LSCQI M*rk

Twelve “you knows” in less than 5 minutes from this reporter? Really? If we knew then there would be no need for her report. You know?

With regards to the story, I could care less if Diamon bet or hedged or did anything with Chase’s money, but isn’t the problem here that tax payers are left holding the bag if there is another meltdown as will surely happen with these bullies who only need the government to bail them out? It’s a form of hostage taking yet where are the voices of our elected officials crying foul?