Jim Hightower: Let Me Tell You About a Guy Named Jamie's Suffering and Economic Hardship
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Most of the other 11 members of Dimon's board are multimillionaires who are current or former top executives of such corporate powers as Boeing, ExxonMobil, Honeywell, Johnson & Johnson and NBC. Fellow corporatists are eagerly sought out by CEOs to serve on their corporate boards because they're trusted members of "The Top Suite Club." They identify with one of their own and share the top dog's sense of entitlement, so they are predisposed to lavish lots and lots of the shareholders cash on The Boss.
Lee Raymond, the former CEO of Exxon, is one of JPMorgan's most influential directors. He heads the compensation committee of the board and was in charge of giving Dimon his "haircut." But Raymond is congenitally soft on CEO pay, because he was a spectacularly paid chieftain whose grasp of compensation propriety has no connection to the real world.
In his 13 years at the helm of the oil giant, he pocketed a total of $686 million in pay. That's $144,000 a day! Plus a car. Then he got a retirement package worth another $400 million.
"Corporate governance" is a joke, but it's not at all funny. By pampering top executives, these brother-in-law boards are dangerously exacerbating income inequality in America. The joke's on us.