Jim Posted May 15, 2012 Share Posted May 15, 2012 Maybe I'm trying to get higher pay the conventional way. NEW YORK (CNNMoney) -- Even as he apologized for a $2 billion trading loss, shareholders approved JPMorgan Chase CEO Jamie Dimon's $23 million pay package Tuesday at the bank's annual meeting. Ka-ching! Quote Link to comment Share on other sites More sharing options...
olyclimber Posted May 15, 2012 Share Posted May 15, 2012 Quote Link to comment Share on other sites More sharing options...
bstach Posted May 15, 2012 Share Posted May 15, 2012 Accountability is for middle management and worker-drones Quote Link to comment Share on other sites More sharing options...
KaskadskyjKozak Posted May 15, 2012 Share Posted May 15, 2012 Accountability is for middle management and worker-drones ... but only in private industry Quote Link to comment Share on other sites More sharing options...
Crux Posted May 15, 2012 Share Posted May 15, 2012 I'm very, very sorry. But I'm going to hedge a little bit here. Now, hold still. Sorry. Quote Link to comment Share on other sites More sharing options...
ivan Posted May 15, 2012 Share Posted May 15, 2012 the invisible hand sure spends a lot of time of its very visible johnson Quote Link to comment Share on other sites More sharing options...
rob Posted May 16, 2012 Share Posted May 16, 2012 Gotta spend $$ to make $$! Quote Link to comment Share on other sites More sharing options...
John Frieh Posted May 16, 2012 Share Posted May 16, 2012 "We're too connected to fail." Quote Link to comment Share on other sites More sharing options...
Zalmanes Posted May 16, 2012 Share Posted May 16, 2012 I'm very, very sorry. But I'm going to hedge a little bit here.... Quote Link to comment Share on other sites More sharing options...
olyclimber Posted May 16, 2012 Share Posted May 16, 2012 the first rule to accepting government money should be to flush leadership. Quote Link to comment Share on other sites More sharing options...
rob Posted May 16, 2012 Share Posted May 16, 2012 BALLS! Quote Link to comment Share on other sites More sharing options...
KaskadskyjKozak Posted May 16, 2012 Share Posted May 16, 2012 Maybe I'm trying to get higher pay the conventional way. NEW YORK (CNNMoney) -- Even as he apologized for a $2 billion trading loss, shareholders approved JPMorgan Chase CEO Jamie Dimon's $23 million pay package Tuesday at the bank's annual meeting. Ka-ching! Or make it big and never pay taxes again! linky Quote Link to comment Share on other sites More sharing options...
jon Posted May 16, 2012 Share Posted May 16, 2012 Maybe I'm trying to get higher pay the conventional way. NEW YORK (CNNMoney) -- Even as he apologized for a $2 billion trading loss, shareholders approved JPMorgan Chase CEO Jamie Dimon's $23 million pay package Tuesday at the bank's annual meeting. Ka-ching! Or make it big and never pay taxes again! linky What that article fails to mention is he's paying billions of dollars in taxes when he sells his shares in the IPO. The big question is does the CIA pay taxes on their investment? Quote Link to comment Share on other sites More sharing options...
rob Posted May 16, 2012 Share Posted May 16, 2012 [ Or make it big and never pay taxes again! linky What that article fails to mention is he's paying billions of dollars in taxes when he sells his shares in the IPO. The big question is does the CIA pay taxes on their investment? That's not how an IPO works -- he isn't selling ANY shares during the IPO: Facebook is. Facebook will pay the taxes on that initial IPO investment. And even if he sold his personal shares at a later date (up to him), taxes would be 15% -- we should all be so lucky The point of the article, though, was the he never has to sell his shares. He can simply borrow money against their value, and never pay taxes. Quote Link to comment Share on other sites More sharing options...
KaskadskyjKozak Posted May 16, 2012 Share Posted May 16, 2012 [ Or make it big and never pay taxes again! linky What that article fails to mention is he's paying billions of dollars in taxes when he sells his shares in the IPO. The big question is does the CIA pay taxes on their investment? That's not how an IPO works -- he isn't selling ANY shares during the IPO: Facebook is. Facebook will pay the taxes on that initial IPO investment. And even if he sold his personal shares at a later date (up to him), taxes would be 15% -- we should all be so lucky The point of the article, though, was the he never has to sell his shares. He can simply borrow money against their value, and never pay taxes. Pretty awesome either way! You succeed, you cash in; you fail you still cash in! Quote Link to comment Share on other sites More sharing options...
jon Posted May 16, 2012 Share Posted May 16, 2012 [ Or make it big and never pay taxes again! linky What that article fails to mention is he's paying billions of dollars in taxes when he sells his shares in the IPO. The big question is does the CIA pay taxes on their investment? That's not how an IPO works -- he isn't selling ANY shares during the IPO: Facebook is. Facebook will pay the taxes on that initial IPO investment. And even if he sold his personal shares at a later date (up to him), taxes would be 15% -- we should all be so lucky The point of the article, though, was the he never has to sell his shares. He can simply borrow money against their value, and never pay taxes. http://blogs.wsj.com/wealth/2012/02/03/mark-zuckerbergs-2-billion-tax-bill/ Quote Link to comment Share on other sites More sharing options...
rob Posted May 17, 2012 Share Posted May 17, 2012 http://blogs.wsj.com/wealth/2012/02/03/mark-zuckerbergs-2-billion-tax-bill/ I see the confusion. Exercising stock options means buying, not selling, and his tax bill will be from buying shares of stock. Put more simply, he'll be acquiring many new shares of facebook stock when it IPOs, but at a cheaper price (6 cents a share!) -- receiving this new stock will be treated as one-time taxable income. They must be non-statutory options, which I guess would make sense since they were granted pre-IPO. If he sells them later, he'll have to pay taxes on them again, unless they fails to gain value after the IPO. edit: You are correct about one thing, though -- turns out Zuckerberg himself will be selling some shares during the IPO as well (about 30 million out of the ~400 million being offered). I didn't know that. The article you linked explains why; he's about to buy 120,000,000 shares at 6 cents a share! That's quite a tax bill! So he's selling some shares he already owns so he can buy back shares at a cheaper price. Tricky. Quote Link to comment Share on other sites More sharing options...
glassgowkiss Posted May 17, 2012 Share Posted May 17, 2012 Accountability is for middle management and worker-drones ... but only in private industry That only survived by the tax payer bailout and government handout. Quote Link to comment Share on other sites More sharing options...
Crux Posted May 17, 2012 Share Posted May 17, 2012 Quote Link to comment Share on other sites More sharing options...
Jim Posted May 17, 2012 Author Share Posted May 17, 2012 Maybe I'm trying to get higher pay the conventional way. NEW YORK (CNNMoney) -- Even as he apologized for a $2 billion trading loss, shareholders approved JPMorgan Chase CEO Jamie Dimon's $23 million pay package Tuesday at the bank's annual meeting. Ka-ching! Oppsey!! Bump that estimated loss by 50%. Dang these things can get away from you quickly. NYT ---The trading losses suffered by JPMorgan Chase have surged in recent days, surpassing the bank’s initial $2 billion estimate by at least $1 billion, according to people with knowledge of the losses. When Jamie Dimon, JPMorgan’s chief executive, announced the losses last Thursday, he indicated they could double within the next few quarters. But that process has been compressed into four trading days as hedge funds and other investors take advantage of JPMorgan’s distress, fueling faster deterioration in the underlying credit market positions held by the bank. A spokeswoman for the bank declined to comment, although Mr. Dimon has said the total paper trading losses will be volatile depending on day-to-day market fluctuations. Opps Quote Link to comment Share on other sites More sharing options...
AlpineK Posted May 17, 2012 Share Posted May 17, 2012 Better double the pay package to compensate for the new figures Quote Link to comment Share on other sites More sharing options...
jon Posted May 17, 2012 Share Posted May 17, 2012 I love how they had only one person who really understood the complexity of this trade, and he is now gone. Risk management? I'm sure they had a handler who made sure they only did three lines of coke at any one time. Quote Link to comment Share on other sites More sharing options...
rob Posted May 17, 2012 Share Posted May 17, 2012 I'm in the wrong business Quote Link to comment Share on other sites More sharing options...
glassgowkiss Posted May 17, 2012 Share Posted May 17, 2012 the irony of this is, that the only reason these banks are still in existance is because of the government bailout sponsored by tax payers. All these CEO's should be in prison, not running financial institutions. If drugs were a bit more profitable, they would be running drug cartels instead of financial institutions. These people should be jailed, not in position of decision making power. Quote Link to comment Share on other sites More sharing options...
jon Posted May 17, 2012 Share Posted May 17, 2012 I will blame Obama for one major thing in that they did not do a good enough job making sure these banks who were rescued by the government, and still are borrowing money from the government for basically free (ZIRP), that they use that money to make loans to the American taxpayers instead of continuing to gamble with it. I think it's clear there really wasn't much of a choice to rescue/capatilize/whatever the banks at the time, but having so few strings attached really was in the poor interest of everyone. The banks know they have years and years worth of zero interest money to play with so I won't be surprised to see more of this. Quote Link to comment Share on other sites More sharing options...
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