If Washington wants to show some level of serious behavior, they need to force JPMorgan to change this. It’s an insult to every American if JPMorgan is allowed to get away with this. Keep in mind that the bankers never had to pay back their years of bonus money that was based on bad deals that were wiped off of their own books.
What other industry in the world will let you lose billions and still walk away with millions in easy money? Bloomberg:
JPMorgan Chase & Co. (JPM)’s decision to let Chief Investment Officer Ina Drew retire four days after the bank disclosed a $2 billion loss in her division allowed her to walk away with about $21.5 million in stock and options.
Drew, who resigned May 14, can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment “with cause,” according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.
A 30-year JPMorgan veteran, Drew also had accumulated 661,000 unrestricted shares of common stock worth about $23.7 million based on the May 14 closing price, $9.7 million in deferred compensation and $2.6 million in pension pay as of Dec. 31, according to company filings. Altogether, Drew’s stock, pension and deferred pay come to about $57.5 million.