Moments ago JPM released an 8-K which revealed Jamie Dimon’s total compensation for the year. The answer: $28 million, up from the $27 million he was paid in 2015. Which, since Jamie Dimon is already a billionaire, will hardly make an impact on his bottom line.
JPMorgan Chase & Co. (the “Firm”) announced that the independent members of the Board of Directors (the “Board”) approved Mr. James Dimon’s total compensation for 2016, in the amount of $28,000,000, compared to last year’s total compensation of $27,000,000. Mr. Dimon’s total compensation includes an annual base salary of $1,500,000 and performance-based variable incentive compensation of $26,500,000. $5,000,000 of the variable incentive compensation will be delivered in cash and the remaining $21,500,000 will be delivered in the form of Performance Share Units (“PSUs”). Both base salary and cash incentive remain unchanged from last year. The key features of Mr. Dimon’s 2016 PSU award, including financial metric, performance goals, payout levels, vesting and hold requirements, also remain unchanged from the PSU award granted last year.
How did the board make its decision? Continue reading »
In the mid-1800s at a time when the United Kingdom was still the dominant superpower in the world, an English scientist named Francis Galton wrote a series of papers arguing for the selective breeding of human beings.
Galton’s ideas became known as eugenics.
The concept was that genius and talent were hereditary traits passed from generation to generation, and that, to ensure the growth of our species, the best and brightest should be bred like cattle. Continue reading »
There is much we don’t know about how the Trump presidency will play out. Will the Wall get built? Who will pay for it? Will it have at least some fencing? Will repeal and replace happen at exactly the same time? Will Trump throw a ceremonial switch? Will there be a Trump National Golf Course in Sochi? It’s anyone’s guess. But of one thing we can be fairly certain. President Trump is very likely to preside over the largest expansion of Federal budget deficits in our history. Trump has built his companies with debt and I’m sure he thinks he can do the same with the country. His annual budget deficits are likely going to be huge. This development will make a greater impact on the investment landscape than most on Wall Street can imagine. Continue reading »
Just when it seemed that no more lawsuits are possible for Germany’s largest lender, which over the past two years has settled or otherwise paid billions to set aside a barrage of allegations of wrongdoing leading to the bank’s suspension of bonuses for most senior bankers, today we learn that Deutsche Bank was sued by a Jewish charitable trust in Florida, alleging that the bank wrongly withheld as much as $3 billion from the heirs to a wealthy German family.
According to Bloomberg, the lawsuit claims the bank refuses to return the funds initially deposited by the Wertheim family in accounts opened at what is now Credit Suisse Group AG before the rise of the Nazis in Germany. Those accounts were later transferred to Deutsche Bank, according to the complaint filed Wednesday in federal court by Wertheim Jewish Education Trust LLC. Continue reading »
A new U.S. Energy and Employment Report is providing yet another indication that our energy paradigm is rapidly shifting away from fossil fuels. The most promise for jobs lies in clean energy, with solar jobs in particular rising at a tremendous rate.
The U.S. Dept. of Energy’s second annual report found that, in 2016, solar employment was almost double that of fossil fuel employment in the Electric Power Generation sector.
“Proportionally, solar employment accounts for the largest share of workers in the Electric Power Generation sector. This is largely due to the construction related to the significant buildout of new solar generation capacity. Solar technologies, both photovoltaic and concentrating, employ almost 374,000 workers, or 43 percent of the Electric Power Generation workforce. This is followed by fossil fuel generation employment, which accounts for 22 percent of total Electric Power Generation employment and supports 187,117 workers across coal, oil, and natural gas generation technologies.
Rising employment in solar, wind, and natural gas coincides with the shift in energy generation by source, especially given recent large-scale distributed and utility-scale solar capacity additions.”
The total number of jobs in the Traditional Energy and Efficiency sectors was 6.4 million for 2016, which includes: 1) electric power generation and fuels, 2) transmission, distribution and storage, 3) energy efficiency, and 4) motor vehicles. Continue reading »
Facebook just can’t seem to catch a break lately. From questionable privacy policies and mass data collection of its users to its handling of the so-called “Fake News” epidemic (see “George Soros Is Funding Facebook’s “Third-Party Fact Checking” Organization Targeting ‘Fake News’“), Mark Zuckerberg is pissing off a lot of people these days. Unfortunately, when your entire business model is based on “friending” others, the alienation of various groups has caused enough people to “dislike” Facebook that the company has landed itself on 24/7 Wall Street’s list of “America’s Most Hated Companies.”
Coming in at #6, Facebook narrowly beat out Spirit Airlines, which, for anyone who has been left stranded by Spirit in Chicago’s O’Hare Airport in the middle of winter, that speaks volumes. Continue reading »
“I find a lot of what is written by representatives of the financial sector, they’re very hostile to negative rates, to be kind of ignorant,” he said ahead of a tour of Scandinavia, where sub-zero rates first saw the light of day. “They’re talking about their short-term profits, and their short-term interest, but it’s a long-run policy if you do the homework, if you lay the groundwork, it would certainly work very well.”
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See my commentary down below.
“Capital flight” takes on a bitterly ironic meaning.
The People’s Bank of China announced on Wednesday that it is probing the major bitcoin exchanges in Beijing and Shanghai – BTCC, Huobi, and OKCoin – for a list of violations, including market manipulation, money laundering, and unauthorized financing.
This is part of the PBOC’s efforts to crack down on capital flight, a major escalation from last week, when Chinese officials warned investors – if you can call them “investors” – to be careful with bitcoin. That warning came at the peak of the spike and tipped the whole thing over. Continue reading »
Jan 7, 2017This week’s episode of the Global Research News Hour features a special look at the most censored and suppressed news stories of 2016. We first speak with Andy Lee Roth, Associate Director of Project Censored about the organization’s list of the TOP 25 most censored stories of the past year, and about its most recent publication: Censored 2017: Fortieth Anniversary Edition. We next hear from John Schertow, the founder and lead editor of INtercontinentalcry.org about the most censored Indigenous stories that barely got any coverage over the last several months. Finally, we are joined by Patricia Elliott, Assistant Professor with the University of Regina’s School of Journalism and faculty adviser with Project Censored about Canadian stories that got little or know attention in the major press over the past year.
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Long-simmering social tensions in Mexico are threatening to boil over as failing neoliberal reforms to the country’s formerly nationalized gas sector are compounded by open corruption, stagnant standards of living, and rampant inflation.
The U.S. media has remained mostly mute on the situation in Mexico, even as the unfolding civil unrest has closed the U.S.-Mexico border in San Diego, California, several times in the past week. Ongoing “gasolinazo” protests in Mexico over a 20 percent rise is gas prices have led to over 400 arrests, 250 looted stores, and six deaths. Roads are being blockaded, borders closed, and government buildings are being sacked. Protests have remained relatively peaceful overall, except for several isolated violent acts, which activists have blamed on government infiltrators. Continue reading »
The Lira – officially the world’s most volatile currency – has lost 11% of its value since the start of 2017 (down 8 of the last 9 days against the USD).
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Portland, OR — Becoming the seventh city to sue Monsanto over contaminated waterways, Portland passed a resolution last week authorizing city attorney Tracy Reeve to take the biotech company to federal court over its decades-long dispersal of polychlorinated biphenyls (PCBs). The city has spent more than $1 billion cleaning up PCB pollution in the Willamette River, and now it wants the agrochemical giant it deems responsible for the contamination to pay for the damages.
For decades, polychlorinated biphenyls (PCBs), a highly toxic group of chemicals, were used to insulate electronics, as well as in paint, transformers, caulk, and other items. Between the 1930s and 1970s, Monsanto, which was the sole manufacturer of the chemical compound, produced more than 1 billion pounds of PCBs. Now they are dispersed throughout the environment, littering air supplies, rivers, waterways, and landfills.In a statement, city attorney Reeve said: Continue reading »
H/t reader squodgy:
“Such is the way of the corrupt Global Corporations intertwined with the corrupted Government bureaucrats.”
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