I remember hearing that JP Morgan decided to raise CEO Jamie Dimon’s pay by 35 percent! He will take home a pay of $27 million in 2015!
The JPMorgan directors think that Jamie is singularly responsible for the rise in JP Morgan’s revenue and profits in 2015. Or they admit that a few other executives have helped. They decided to raise the salaries by several millions of their two operating officers and their asset manager.
How long is this corporate pay rigging going to continue before we have a second French Revolution at the gates of JPMorgan?
Let’s look at some other CEO…
Why is it that in a rich country like the U.S., poverty continues to affect 50 million citizens, about 15 percent of our citizens? At the other end, the top 0.1% of our citizens receive 40% of all income and own 40% of all our wealth. Numerous studies show that our income distribution, instead of getting more equitable, is growing more inequitable over time.
Is this an inevitable feature of capitalism? Those with capital continue to grow richer. …
The Consumer in the Age of Coronavirus
The coronavirus COVID-19 is spreading relentlessly through the world creating a path of death and destruction. The world is in danger of falling into a Great Depression, with millions of unemployed workers across the globe. The impact will especially hit the poor — both in terms of health and economics; many cannot even afford to wash their hands because of the lack of water. What will happen to the millions that cannot practice social distancing? The slum dwellers, the prison population, and the refugees huddled in tents?
Businesses are closing down, and people are urged to stay home, practice social distancing, and vigorously wash their hands. People are stocking up on all kinds of food and sundries that are part of daily living. Some are hoarding masks, toilet paper, and other necessities should COVID-19 linger on for weeks, months, or…