12 Bankers Break Bread with Obama: The Last Lunch?
A group of 12 overpaid banking CEO's met with President Bankrupt Blankcheck Obama today. Rumor has it that they all were served crow for lunch. After the meeting all these overpaid stiffs talked glowingly about the meeting with the President and claimed they did not talk with Obama about their compensation.
After the meeting several of the bankers met with CNBC. Of particular note was JP Morgan CEO Jamie Dimon telling a reporter from CNBC that Wall Street compensation practices "went too far" and that banks made a lot of mistakes in this area.
After he made this comment the reporter should have asked him: "Since mistakes were made about compensation, do you have any plans to return the excessive compensation since your actions and greed help foster the biggest economic collapse since the 1930's?"
Can anyone say: "CLAWBACK"? It is time for the stockholders (not Frank - N - Dodd) to demand the bonus compensation be returned to the shareholders for a job poorly done.
Mr. Clawback is Coming to Get You
After the meeting several of the bankers met with CNBC. Of particular note was JP Morgan CEO Jamie Dimon telling a reporter from CNBC that Wall Street compensation practices "went too far" and that banks made a lot of mistakes in this area.
After he made this comment the reporter should have asked him: "Since mistakes were made about compensation, do you have any plans to return the excessive compensation since your actions and greed help foster the biggest economic collapse since the 1930's?"
Can anyone say: "CLAWBACK"? It is time for the stockholders (not Frank - N - Dodd) to demand the bonus compensation be returned to the shareholders for a job poorly done.
Mr. Clawback is Coming to Get You
These guys are a joke. Of course they talk about mistakes they made in the past. They are willing to limit their compensation now when EVERYONE is watching. Give back the TARP money and file for chapter 11 if you have to.
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JP Morgan Chase paid back the 25 Billion in Tarp in mid June (plus interest) They needed it as a safety net to take on the 'Very Shakey' WaMu and Baer Sterns, then worked effortlessly to raise enough capital to prove themselves "worthy" to give it back as a show of strength. Essentially, it was never needed in the first place at this instituation. CITI and B of A are still sucking the TARP T-t
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