What does JPMorgan Chase’s $13 billion settlement with the Justice Department have to do with the 74 percent raise it just gave to its CEO, Jamie Dimon? If you are Elizabeth Warren, a lot.
The Massachusetts Senator is suggesting that Dimon received his raise for negotiating that settlement, and other recent ones, which, “as Dimon put it himself … could have been a lot worse if JPMorgan had been forced to go all the way to a trial instead of just settling.”
Warren then posed a question:
If JPMorgan is so happy with their settlements that they are rewarding their CEO with a big raise, do you really think the federal bank regulators were tough enough?
Her conclusion: “[I]f a settlement is so weak that Wall Street is celebrating with pay raises, it’s not a good deal for the American people.”
Warren once again pushed for support for the bill she introduced recently with Republican Senator Tom Coburn, the “Truth in Settlements Act,” to require that federal regulators disclose information about settlement agreements “so the public can hold regulators accountable – no more hiding out behind closed doors and keeping the details secret.”
Learn more: Do We Need a ‘Truth in Settlements Act’? Two Senators Say Yes.
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