‘Can You Wake Up for One Second?’: JPMorgan CEO Tears Into ‘Newspaper People’
- Posted on February 29, 2012 at 4:47pm by
Becket Adams
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While giving a J.P. Morgan “analyst day” presentation on Tuesday, CEO Jamie Dimon took the opportunity to assail members of the media, specifically those in the newspaper industry. Some critics believe his snarky remarks were prompted by what he thinks is a deliberate attempt by members of the media to portray banks and bankers as heartless plutocrats.
And maybe he’s not too far off.
Take, for instance, the media’s ongoing obsession with the compensation-to-revenue ratio at banks. Because this talking point has been picked up by the Occupy crowd and supported by high-ranking politicians, one could argue that journalists have been successful in (re)popularizing the notion that bankers are greedy, overpaid, and, well, immoral.
“Maybe our next article could be about the dangers of feeding a banker after midnight.”
Back in January, Dimon, who also happens to run the largest and most profitable U.S. bank, went after members of the press for focusing on this ratio, calling it “wrongheaded.”
“Newspaper people, can you wake up for one second? You all are obsessed with this ratio…it’s a stupid ratio, by the way,” Dimon said Tuesday, “We are going to pay competitively. We need top talent, you cannot run this business on second-rate talent.”
He then turned to some stats he had prepared: “Newspapers — I went and got this one day just for fun — 42 percent payout ratio, which I just think is just damned outrageous.”
Well, that’s odd. The average compensation ratio for a newspaper executive is 42 percent?
“To Dimon’s credit — JPM does have one of the lowest compensation ratios out of all the banks at around 35%, trailing behind Goldman Sachs and Morgan Stanley, where the ratio ranged between 52% to 42%,” writes Business Insider’s Lisa Du, “so the topic is something he might be able to brag about… to other banks.”
But perhaps he’s not so much bragging as he’s pointing out what he feels is a glaring hypocrisy. As stated above, the compensation ratio for JPMorgan executives is actually lower than the average compensation ratio for a newspaper exec. But you probably won’t read that in The New York Times or The Washington Post.
And Dimon didn’t stop there with his criticism.
“Worse than that, you don’t even make any money!” Dimon said, directing his comments to those in the media covering the company’s investor day and drawing laughter from his audience, according to Bloomberg. “We pay 35 percent. We make a lot of money.”
Indeed, JPMorgan posted $19 billion in profit last year — far more than any newspaper. Add to that the fact that several major newspapers have seen their stock value decline in recent years and it would seem that Dimon’s assessment is accurate.
“In 2007, the stock of the New York Times Company was trading for about $25 a share,” writes Henry Blodget of Business Insider. “Today, it’s trading for $6.56.”
But Dimon’s comments were probably motivated by more than just a desire to compare salaries.
“Although it seems like the salary comment was made in jest, Dimon‘s other actions continue to suggest he’s pretty fed up,” Du writes. In fact, as David Benoit at DealJournal points out, Dimon spent most of his speech asking the reporters if they were “paying attention, awake and listening clearly.”
Understandably, the CEO’s comments have ruffled some feathers.
“Newspapers do make money and they are still quite profitable, many operating with double-digit margins,” said Randy Bennett, a spokesman at the Newspaper Association of America.
Contrary to Bennet’s assertion, the data tells a different story.
“Call it creative if you want,” writes The Atlantic’s Derek Thompson, “but this is what economic destruction looks like. Print newspaper ads have fallen by two-thirds from $60 billion in the late-1990s to $20 billion in 2011.”
Via The Atlantic:
“The decline is stunning,” Thompson adds.
Given these recent jabs, and considering the fact that he has dissociated himself from President Obama’s re-election bid, it’s probably just a matter of time before Dimon comes under the full scrutiny of major media outlets (especially the newspapers).
“And make sure you put ‘Dimon, we hate your stupid monster face’ in there…”




















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Comments (72)
thenovemberman
Posted on February 29, 2012 at 11:19pmI’m glad that Mr. Dimon has learned his lesson. I‘m glad that he’s speaking out, but it sure bothers me that somehow I’m supposed to have any sympathy for this guy. I don’t have any. I’m glad that he has learned, but if he and the rest of the banking industry had a shotglass full of morals and guiding principals he and the rest of us would not be in this position. People like him financed Barack Obama and I hold him and people like him responsible for this mess. They rig the system so that when there decisions go wrong we have to pay for it.
I know that alot of this comes from the government making them do this. I get that, but as soon as they were promised that we would get the shaft they caved like the coward they are and happily stuck us with the bill. He only cares about himself.
Just bear in mind that when the next Democrat comes along making promises that his company will be spared even though the rest of us will suffer, this son of a bitch will sell us out like he and the rest of his bastard friends did this time. However, in the mean time welcome to the club until the time comes for you to sell us all out you stinkin rat.
Report Post »lukerw
Posted on March 1, 2012 at 6:03amWell said!
Report Post »D-Fence
Posted on March 1, 2012 at 8:54amAgreed. Just because there isn‘t a law against something doesn’t mean you should do it. Most actions, especially in the banking industry have real life consequences, and banks make sure that negative effects do not come back to hurt their profitability. I get that in the end the CEO has a responsibility to the shareholder but, come on guys grow a pair and fight the anti Americanism that’s pushed on a daily basis by these socialist bastards, or you wil find yourself at the bottom of the list to get repaid when another Chrysler happens.
Report Post »Buckeyemom1776
Posted on March 1, 2012 at 9:05amAmen,Thenovemberman! Wasn‘t it Chase Bank that gave Jesse Jackson’s Rainbow group 5 million to stop protesting if front of their homes? Back in the day, Jesse was complaining minorities couldn’t get a home loan to buy a house. All that protesting stopped when Jesse got the $$$$$. Many banks bent over and grabbed their ankles and chose to stray away from their long held principals of making sure that a person needed to put 20% down and had good credit! Dimon hasn’t learned a damn thing. He’s just tired of the heat from the left. It’s just not going his way completely anymore. Well, Mr Dimon….You lay down with dogs…..You Catch Fleas!
Report Post »Freedom.Fighter
Posted on March 1, 2012 at 10:33amIf JP Morgan is so great at making profit, why did they need such an enormous bailout?? If I took (stole) so much tax-payer money to remain competitve, I don’t think I would be bragginf about my business.
Report Post »Think_First
Posted on March 1, 2012 at 11:49amI don’t disagree with your comments, however, I wonder if you would have had the moral fortitude to do differently. I certainly hope so, but until any of us are sitting at the table having our families and futures threatened, we really don’t know. I am not defending the bankers that sold us out, only pointing out that when there is a gun at the back of our heads, (and we don’t know what coercion was used), most of us fall apart. So is it the the guy being threatened that is evil, or the guy holding the gun. I just hope none of us ever have to find out.
Report Post »BarackStalin
Posted on March 1, 2012 at 4:17pmIt’s so nice and refreshing to hear him bragging about all of the money he is making and belittling businesses that make less.
I’M GLAD HE APPRECIATES THE TAXPAYER BAILOUTS…
He gets the profit…the American people get the loss…I think that’s the definition of PLUTOCRAT
Report Post »KangarooJack
Posted on February 29, 2012 at 11:14pmMany in the News Media still get a tingle everytime they say Obama’s name. Kinda like their brilliant idea to start calling The President of the United States….“Mister”. I used to get upset at the disrespect until I realized it was very well planned and well played.
Just call me Mr. Tibbs…..lol
Report Post »BrerRabbit
Posted on February 29, 2012 at 10:06pmYou go Jamie! Newspaper people are just a little above Congressmen and Senators, POTUS et al who are equal the bird cage liners they produce.
Report Post »B4REALITY
Posted on February 29, 2012 at 10:01pmLet me say…in my experience…don’t believe anything you read in a newspaper. Journalists are like my dog, layin’ on the couch, waiting for manna from heaven. They wait for the “wire,” to spit something interesting – and they print it. NO REPORTING NEEDED – just printing, no journalism.
Report Post »cloudsofwar
Posted on March 1, 2012 at 8:00amjournalism has died until a republican is elected potus. for now see no evil, hear no evil , and most important speak no evil about obama. the bias is chilling. i wont buy a dirty stinking news paper.
Report Post »amerbur
Posted on February 29, 2012 at 9:43pmWe know the Newspaper is trying to feed us junk. We are not eating their crap. We will open our own papers and magazines…..It may take time but the truth will run them out of business.
Report Post »swimmer1940
Posted on February 29, 2012 at 9:35pmHey former big Democrat donor! Welcome to the club!
Report Post »Tony
Posted on February 29, 2012 at 9:12pmMr. Dimon, you make a grossly inaccurate assumption about these “news paper people”. You assume they are in the news business when they are in the propaganda business. They have a very clear objective, to sell the progressive/Marxist agenda and are working with the Obama Administration, Center for American Progress and Media Matters.
It is you that need to “wake up” and realize what we are dealing with, a Hypicritical Media, not a news media.
Report Post »NewGOPConvert
Posted on February 29, 2012 at 8:57pmHeres the problem. Banks were told to loan more money out, it affects the “happiness” factor that aggregate demand and a sluggish GDP can not affect. Them the banks realizing the problem spread the loses around by packaging them with good loans. Them insured themselves against a possible loss if they packages fail. Now we say that they dont deserve money they were promised under contract, because they were forced to make bad loans? Shame on the government
Report Post »not the banks, part those men their money and let them be.
NoLongerNonPlussed
Posted on February 29, 2012 at 6:50pmMr. Dimon asks the wrong questions. The reporters are paying attention, they are awake, and they are listening clearly. They have another agenda.
The question Mr. Dimon should have asked is can you be honest ALL the time? Can you report ALL the facts of a news event without bias? Can you ALWAYS report ALL so that citizens will gladly pay for your honest service?
It is my contention that people no longer go to journalism schools to learn how to become reporters, editors or publishers. Those are unnecessary skills in a marketplace where anyone can open a blog space and spout anything as fact and have it so often that it is held up as incontrovertable truth. No skills or honesty involved whatsoever!
People go to journalism school to learn about the entertainment value of the media so they can change the world into their own idea of a utopia. It’s all about personal power, not the power of the Press or the Constitution that gave it birth. The Free Press is dead: just as dead as the US Constitution. Anyone who disagrees has only to observe Obama, the Congress or the Courts. The fourth estate established by the Bill of Rights has been corrupted by the Press’ disregard for truthful reporting. Once you accept that everything is relative, you accept anything. Freedom of the Press is only true when it tells the truth, else it is chained to the lies it tells, and men of all persuasions ignore or ridicule it until it is taken by or freely given to tyrants.
So
Report Post »Charles
Posted on February 29, 2012 at 7:46pm“Journalism” has had nothing to to with accurate reportage of information for decades. It is all about social engineering and indoctrination. The few reporters who actually do report are marginalized and rejected by their peers.
Report Post »awiderview
Posted on February 29, 2012 at 6:22pmHow does one compare banking to newspaper media as far as making money is concerned…not to mention their very different business models. This is how he justifies the enormous sums of money paid to bankers? He’s good, very good…but I’m not buying it.
Report Post »infortheride
Posted on February 29, 2012 at 6:41pmSo to you 40% is different because of the business model? Percentage is percentage if from 1 billion or 1 dollar. So his remarks are spot on.
Report Post »wbalzley
Posted on February 29, 2012 at 7:40pm@infortheride: What value do either newspapers or banks add to the economy? Does that value justify the compensation? Would the economy do better without them? If so, then why do they continue to exist?
Report Post »awiderview
Posted on February 29, 2012 at 8:51pm@ infortheride
Report Post »OK, I’ll take the 60% of the billion…and you have the 60% of the dollar- percentage is percentage. Thanks!
abbygirl1994
Posted on February 29, 2012 at 6:21pmI could kiss could kiss this Dimon guy!! Recently I recieved a email from a relative, who is a Democrat.. wanting me to sign a petition to have the insurance companies lambasted for the monies they get.. that it was really bad what the insurance companies were doing. I wrote back to her and told her, “sorry, I don’t believe its the insurance companies” I believe its te doctors and hospitals.. they overcharge, they double charge, they charge for stupid things.. anyone seen what they charge for a warm blanket?? I had a elderly friend have a short stay in the hospital, being old, thin and frail, they charged her $10 for every warm blanket she asked for. Really people, that should be a courtesy. My mother had a stay in the hospital and took her own insulin, when she got her bill, she was charged for insulin. Imagine, your own insulin, giving yourself your own shots and being charged for it. Our medical society is the biggest rip off and no one ever says anything about it. They blame the insurance companies. Wrong! Give the blame to the real culprits, doctors and hospitals who think they are Gods!
Report Post »riverdog1
Posted on February 29, 2012 at 6:34pmyou are right a little but not much. insurance companies are far far worse. to the lady who got charged for the insulin, have the bill corrected. hospitals need to charge more because of covering people who have little or no insurance.
Report Post »Glock31
Posted on February 29, 2012 at 6:40pmhospitals jack up prices to make up for those who don’t pay, or don’t have insurance. including the paltry sums they receive from medicare and medicaid which amounts to around 7 cents on the dollar. i see it all the time. i have worked as an RN in the emergency department in many hospitals in several states as a travel nurse. too bad we’re not allowed to turn away the idiots who come in with a complaint of “i just got my nails did today and i broke this fingernail” its idiots like these who screw it up for everyone else. obamacare will finish off the healthcare industry which only hanging on by a thread to begin with
Report Post »LIBS-ARE-DINGLEHEADS
Posted on February 29, 2012 at 6:44pmTake back that kiss Abby. Dimon is a Wall Street Banksta, of the insidious kind. Don’t be fooled for one moment about his “allegiance”. It’s to MONEY……his BANK’S money, and his “bromance” with Obama is just fine. He just is playing politics.
Report Post »65Mustang
Posted on February 29, 2012 at 6:15pmThe liberal media outlets and Obama are in bed together…makes a decent person want to throw up.
Report Post »mattmo79
Posted on February 29, 2012 at 6:01pmGood for Dimon, more top CEO’s need to start speaking out.
Report Post »“Given these recent jabs, and considering the fact that he has dissociated himself from President Obama’s re-election bid, it’s probably just a matter of time before Dimon comes under the full scrutiny of major media outlets (especially the newspapers).” – Sounds like a threat to me, too bad the news outlets are unwilling to perform their actual jobs without the current liberal bias!
EchoHawk
Posted on February 29, 2012 at 6:43pmHey, psst. Matt, “it’s probably just a matter of time before Dimon comes under the full scrutiny of major media outlets (especially the newspapers).” is a quote from Becket Adams who wrote the story. Reading is fundamental.
Report Post »radinsocal
Posted on March 1, 2012 at 8:32amActually, I trust The Blaze, and I believe you do as well, that‘s why you’re on here. The threat, and it is a real one too, is from the spend, spend spend people that won’t spend their own money to help the less fortunate and illegal. But it is from these beasts that came out of the woodwork like some kind of aggresive termites. The ideas expounded by ultra liberal turds that floated to the top with outragious demands for equality. Sheesh! Now I know who not to listen to in the news for facts. I used to watch and read many different news sites, but that was until 2008. Wow, did not see that coming, until McCain proved his fish out of water candidacy, I did not look into his opponent, until seeing his flopping around like a fresh caught trout, that was discusting. The old blood in the Legislative branch need to be flushed out by the election process.
Report Post »Itsjusttim
Posted on February 29, 2012 at 5:51pmThe Media [ in general, in it's entirety ] hasn’t cared about the truth for over 100 years.
Report Post »Itsjusttim
Posted on February 29, 2012 at 6:02pmBut it takes more than just a few people watching and saying “Hey this doesn’t seem quite right.“ And they have said for the longest time ”What do you mean? Relax don’t make waves, we deserve all these good things, what do you think you are psychic or something…hahaha, are you some kind of Prophet, maybe you should be locked up.”
Report Post »It’s because Americans and many in the world have been dead inside for the longest time, in other words [ Heaven and earth have faded away].
Itsjusttim
Posted on February 29, 2012 at 6:12pmJesus always said “They have their reward.” Know why? Because people are born into this wood of the world with their reward of fruit, and it’s up to them to guard it and multiply it. And actually quite a lot of people are born with very little if any fruit, and it reflects how much labor they put into previous lives. And if people do not possess any fruit or they possess stolen fruit, then they have great cause to fear the second death.
Report Post »Itsjusttim
Posted on February 29, 2012 at 6:18pmAnd that’s why I say people are not created equal, because people didn’t work to have themselves created equally, because it’s based on the reward they were given before they were born based upon the labor they put into their very first life and so on.
Report Post »Itsjusttim
Posted on February 29, 2012 at 6:23pmSo if you don‘t have eyes that have eyes or ears that have ears it’s your own fault, and you’ve already judged yourself. And by not admitting you are blind, then that sin remains thus making you lukewarm, and if someone is unclean by the two’s then it means you are meek and will at least inherit the earth.
Report Post »Itsjusttim
Posted on February 29, 2012 at 5:43pmSome bankers but not all are bad bankers. I think the Media is demonizing bankers to get the attention off the media for not doing their damned jobs to keep the public informed. If anyone business is singularly responsible for the coming collapse of America, it is the media.
Report Post »Itsjusttim
Posted on February 29, 2012 at 5:48pmBut why should that surprise anyone, when the media is actually the spawn of the Biblical Medes also referred to in the Bible in places as the media.
Report Post »mmm535
Posted on February 29, 2012 at 5:49pmThe media demonizes everyone, to some degree or another. The real questions is: who causes the most trouble? Many would say it’s the bankers, even more so than the government. But the two could give each other a run for the others money. Literally…
Report Post »Itsjusttim
Posted on February 29, 2012 at 5:54pmmmm535,
Report Post »Yes, there is ultimately one singular cause, and it’s the general population of the U.S who’s to blame for not watching and growing more dead inside.
Itsjusttim
Posted on February 29, 2012 at 5:56pmUltimately people deserve the things that will happen to them.
Report Post »The Sergeant Major
Posted on February 29, 2012 at 5:36pmWhy is it when a member of the US Military or Law Enforcement get a DUI the US media are first to drag them thru the mud. When a member of the media gets a DUI or sexually assaults there “lover” nobody hears about it. They drive there Prius thru a school zone and strike a child…. Crickets. They are quick to point the finger and scream about the freedom of the press.
Broadcast media is no better.
Honor the Warrior!
Report Post »californiapatriotmom
Posted on February 29, 2012 at 5:35pmThis is what happens, Mr. Dimon, when you get in bed with progressives and Democrats. You supported Obama the first time around; you are now reaping what you have sewn. Maybe you will wake up this time around. One can hope, at least.
Report Post »Bill Rowland
Posted on March 1, 2012 at 6:32amWhy doesn’t the media report of Obumbler lambasting Wall St and the Banks on one hand and stroking them for contributions with the other? Just on example of the hypocrisy of the media and the administration.
OMG
Report Post »Joe America
Posted on February 29, 2012 at 5:35pmWill the libs call for Hollywood elites to make less money? How about Alec Baldwin doing bank credit card commericials at the same time he is visiting the occupy wall street protest. People should get out of other people’s business. Good for you if you make a lot of money, whether you did a good job or not, like George Clooney getting paid millions for unprofitable movies,
Report Post »smokey888x2
Posted on February 29, 2012 at 5:34pm” …. they know not what they’ve done” …. I’m sure their little minds were well formed early in their
Report Post »liberal indoctrination. Just to take one aspect of their big government god-less idea that big government can do it all: For instance, Government cannot love children. This is just a small aspect that they have never thought out as they were molded towards a ‘progressive godverment’ mentality.
cuinsong
Posted on February 29, 2012 at 5:23pm@JENNY
Report Post »I agree! The press will be first to go but they keep carrying the water that will drown them. Its hard to understand that kind of reasoning? They keep singing “The Devils Song” http://www.reverbnation.com/play_now/song_10789987
socialism.rocks
Posted on February 29, 2012 at 5:18pmtis a service industry replace bankers-with automated programs….
they are way over paid- that is a fact…. no banking ceo should make more then the president of the usa~
its all going to come apart anyways
Report Post »cuinsong
Posted on February 29, 2012 at 5:24pmYou are an idiot
Report Post »Melvin Spittle
Posted on February 29, 2012 at 5:30pmCute. A pet troll! Run along now.
Report Post »wbalzley
Posted on February 29, 2012 at 7:49pmA banker is nothing but high-paid blue-collar worker…if we are willing to automate so many other jobs out of existence, then why not theirs?
Report Post »bigspike
Posted on March 1, 2012 at 6:20ami’m sorry, but it is a wast of time to argue with someone dense enough to have ‘socialism rocks’ as a screen name-you might as well walk around with ‘I’m a freaking moron’ tattooed on your forehead
Report Post »Firefighter 538
Posted on February 29, 2012 at 5:08pmMajor media……..On the Left, very left, way left, far left, beyond left, liberal lap dogs, administration tools….any questions?
Report Post »michael48
Posted on February 29, 2012 at 5:15pmMSM=useless idiots..next
Report Post »Jenny Lind
Posted on February 29, 2012 at 5:01pmThey are truely gutless wonders. Don’t any of them have a brain and get enough information daily to understand what is happening in this country or do they just not care? Do they realize they won’t be safe either?
Report Post »socialism.rocks
Posted on February 29, 2012 at 7:05pmspain and italy will purposely default russia is going to give them what they need energy-wise
do you know how many trillions of dollars america holds of their debt…
the europeans woke up and realized capitalism shortsold them to collapse their system….
it was not socialism which caused this it was capitalism the shiioot is going to hit the fan soon
better be prepared
fact america has done warfare economic warfare the europeans are realizing and payback will be a biiooch – they will just default+say we arent paying you back nil nodda shizzola
no global banker will have no where to hide-
Report Post »governments will demand their heads-
its a revenue war verses bankstah gangster theft of nations ~
things are going to collapse majorly
welovetheUSA
Posted on February 29, 2012 at 5:00pmStand together……….stand up for America…………the media and this Obama and his radical communist bunch must be destroyed.
Report Post »socialism.rocks
Posted on February 29, 2012 at 8:08pmdid you know the puritans and pilgrims invented socialism communism~
oh they dont teach that in history books~
Report Post »proud2bmom
Posted on March 1, 2012 at 1:00amSocialism.. did you know that the pilgrims said if someone didn’t work, they didn’t eat? Doesn’t sound very socialist to me. No, the socialists say the man who works gives his food to the one who doesn’t.
Report Post »wntsmallgov
Posted on March 1, 2012 at 1:34amsocialism.rocks
Posted on February 29, 2012 at 8:08pm
did you know the puritans and pilgrims invented socialism communism~
oh they dont teach that in history books
Report Post »________________________________________
But did they teach you that when that failed each person became responsible for their own farms.
Socialism looks good on paper but with the corupt people top like Sorros, Pelosi, and the media it does not filter down. Learn all of history before you make a statement.
Snowleopard {gallery of cat folks}
Posted on February 29, 2012 at 4:52pmObama is using the media propaganda machinery as his hunting dogs; they are to keep up the pressure until the banks are so thouroughly demonized that people will scream for the Fed’s to take them over completely…national bank of USA returns once again.
Report Post »Darmok and Jalad at Tanagra
Posted on February 29, 2012 at 5:27pmSorry, but at some point, That dog just ain’t gonna hunt.
Report Post »Apple Bite
Posted on February 29, 2012 at 9:49pmBut that dog has a liter every 2-4 years and they’re very lively during whelping.
Report Post »