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Dimon is the CEO, he does what he wants, but quite frankly he likely isn't making these decisions. There are probably regional VPs and directors tasked with these things.
And no, I'm not lazy, I did the homework before I posted, I knew my facts before I posted, unlike lazy people who just eat up whatever their favorite teams politician has to say.
The CEO does what he wants and with a $12 billion dollar bailout from the tax payers.
I cant help every lazy person in the world, but for you two I'll make an exception, because in your case I know that your blind hatred for bankers and CEOs limits your ability to deal in fact sometimes:
If he can’t handle a Congressional backbencher, then you sure as hell cant make a case for why he’s a CEO making real world decisions and drawing $31 million a year in salary. That’s weaksauce. If he can’t handle a simple congressional line of questioning, what’s he REALLY worth?
Amazing how you peons run to the defense of fatcat CEOs. Let your ass get into a sling and see if Jamie Dimon has anything to say in your defense.
The United States has the weakest, most pusillanimous, pliant and servile working class population of any first world nation. Amazing how many of you have been cowed by the C-Suite class.
Are you going to ignore the fact that the representative obviously used pretty biased info to create her fictional story about this woman? $1600/month for rent seems to be a bit on the high side, and shoots a pretty decent sized hole in her story.
Does supply and demand within that industry and local market objectively say that, or does some fanciful notion of living standard imagined by parties external to the job itself subjectively say that?
They wouldn't have the job pay the wage they do if they couldn't find people to fill it. Supply and demand are funny that way...always being the most natural and most correct way to determine the price of a thing.
Who are you to decide what a corporation you do not own, profit from or manage in any way should or should not pay for a specific low/entry level job?
Yeah, the supply and demand canard. No one would take Jamie Dimon’s job for half his salary? You know the damn answer to that one. Try telling the lie that no bank exec could be found for $15 million per year. Go ahead.
In fact, a lesser known person would take his job for a quarter of his salary and do it just as good as he does.
But for the rank and file, it’s always this crap about supply and demand.
The CEO does what he wants and with a $12 billion dollar bailout from the tax payers.
I've always been against the bailouts for banks, auto manufacturers, etc. But at the end of the day I blame our politicians for all of this as they are just trying to buy votes and donations.
Are you going to ignore the fact that the representative obviously used pretty biased info to create her fictional story about this woman? $1600/month for rent seems to be a bit on the high side, and shoots a pretty decent sized hole in her story.
Jesus Christ...it’s Orange County California. That’s DIRT cheap for the area.
I'm willing to wager had that bank CEO asked the representative, "How much of the increase in the cost of any and everything is the result of unconstitutional regulations on any and everything people purchase?" These SOBs in government attempt to act like they are the good guys when in FACT the greatest avoidable increase in costs of everything could come from eliminating all the costly regulations imposed by government ALONG WITH the horrific added costs created by government induced inflation which comes from the government demanding the FED print more and more money, mainly to pay the interest on the federal debt.
That same CEO should ask that ignorant representative, "When will you, the members of Congress get control of your own budget, paying down the debt so our nation, We The People, aren't stuck paying taxes on outrageous amounts of interest on an ever increasing and completely out of control debt?"
These scumbags in government attempt to act like they are superior, looking down upon the peasants, demanding THEY get their houses in order yet refuse to look in the mirror to see the actual ROOT CAUSE of the problems faced by the average We The People in this country. How dare they attempt to pass the blame when they, the government clearly caused almost every financial problem faced by many of We The People.
Out of control increased medical costs CAUSED BY the government injecting an unconstitutional huge amount of money into the medical market via Medicare and Medicaid AND by the massive cost of unconstitutional regulation on medicine and medical devices.
Out of control increased education costs CAUSED BY the government unconstitutionally injecting massive amounts of money into higher education via government grants and government guaranteed student loans.
Out of control increased housing costs CAUSED BY government unconstitutionally interfering with housing via the Community Reinvestment Act and the unconstitutional Federal Reserve's unconstitutional manipulation of the interest rates.
Out of control increased costs on food via unconstitutional regulation from the FDA, unconstitutional regulation on the transportation industry and unconstitutional regulation of energy (fuel) for both transportation AND unconstitutional regulation on energy (electricity) via government mandates on renewable energy. Also unconstitutional regulation and interference in the farming/food production industries.
I could go on and on, listing how unconstitutional acts, laws and regulations by government CAUSED the majority of this nation's economic problems. Government is NOT the solution. Government is the problem.
But then again, that's just MY opinion, for what it's worth.
Yeah, the supply and demand canard. No one would take Jamie Dimon’s job for half his salary? You know the damn answer to that one. Try telling the lie that no bank exec could be found for $15 million per year. Go ahead.
In fact, a lesser known person would take his job for a quarter of his salary and do it just as good as he does.
But for the rank and file, it’s always this crap about supply and demand.
Supply and demand is pretty much a basic principal that has proven to play out in a fair way in many examples.
You can't just hand any old person the CEO job of one of the worlds largest banks. Most people who are actually qualified for the position either already work there, or already work for another large bank. Its a selective role with a huge amount of experience and knowledge required.
Weird, when I was growing up people really drove the point home that getting an education and working hard so that you don't have to struggle financially.
Now it's everyone else's fault if I don't get an education and wind up in a low paying job.
But hey, go ahead and jack their pay up for all I care. They'll just fire the worst 25% and move towards more automation and fewer faster\better workers.
(One of my relatives works at Target, that's what they did)
Bring it Mathguy! Figure the same budget parameters but include tuition and decreased hours able to work due to schedule conflicts with classes. We will wait.
The job is obviously not paying enough for the area, and should be paying a lot more to keep good employees.
“The job pays what it pays!” What the hell is that? The pithy comment of the day? Thanks Captain Obvious. We already know what the damn job pays. That’s not in dispute.
They can pay BETTER, and they should pay better.
If they find that Patricia has potential and they don't want to lose her, then a smart manager will pay more to keep her. If she can properly make a deposit and count money to the customer and there are 5 qualified applications waiting for her job, then her job is worth exactly what they pay her.
This is taught in the first few classes if you are getting any business related degree. It was covered partially in economics, accounting, and business math. Heck, the guy that used to mow my lawn used these skills to determine that every time he replaced an employee, it cost him $1,400 in lost revenue to train a new guy. He upped their pay to the point it cost him an extra $400 per month and that was enough to keep his turnover to a minimum.
He was presented with a false dilemma. Period. All of these political "what if" scenarios are false dilemmas that do not have actual solutions.
The set of parameters is set for no solution to be possible. She may as well have asked him for a formal proof on 2 + 2 = 7, and if he cannot, then he is a moron.
Clearly there are people working at the various low/middle wage jobs in Irvine, CA. I have eaten at restaurants there, gone to convenience stores, seen janitors working in the office buildings, etc. Somehow, all of them have figured out how to work in Irvine such that it satisfies the personal profit equation. Methinks they have a different set of variables than the knucklehead representative posed to the CEO in her false dilemma absurdity.
So easy to corner people with fallacies and the power of the bully pulpit. Doesn't make it logically valid, and is actually kind of scary when you consider that is what they ares pending time on when not pursuing impeachment of the President, also a colossal waste of time.
Shocking that in that scenario, the CEO is the one being considered the villain.
Excellent post... as always!
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