I saw an interview with Jamie Dimon, CEO of JPMorgan Chase, & Co. He said his company responded to the public outrage about executive compensation by converting a greater percentage of executive pay from base salary into stock incentives.
It all sounded reasonable until I remembered that their current stock price is about half of its previous high. So depending how those stock options are priced, the executives stand to reap huge rewards for doing nothing but showing up for work while the overall economy rights itself. And the best part is that they’re selling this concept as a sacrifice. It’s all very Dogbertian.
This reminds me why my first career direction out of college was banking. I wanted to learn how to pat someone on the back and rifle through his wallet at the same time. Unfortunately my banking career ended when my boss called me in her office and explained that the media was giving our bank a hard time for having so few women or minorities in senior management. She explained that promoting me would just make things worse. So I jumped ship to work for the local phone company, and finished my MBA a night, only to get the identical message from my new boss. Once it became inescapably clear that my efforts and my rewards were not linked, I became a cartoonist. It was the only job I could imagine where absurdity was compensated.