Jamie Dimon attacks populism of AOC and Bernie Sanders: ‘Just because it resonates, doesn’t make it right’

JPMorgan Chase CEO Jamie Dimon has received scathing criticism in recent months from progressive firebrands Congresswoman Alexandria Ocasio-Cortez and Senator Bernie Sanders . In a new interview, he fired back, acknowledging the current appeal of their economic populism but dismissing it as misguided.

At a hearing on Capitol Hill in April, Ocasio-Cortez sat alongside lawmakers who targeted the tens of millions in compensation received by top bank executives, including Dimon, who received $31 million in compensation last year. The ratio between CEO pay and entry-level wages at JPMorgan Chase stands at 381:1, ranking it second highest among the large banks, after Citigroup.

The minimum starting wage at JPMorgan Chase is $16.50 per hour, though it can startat $18 for workers in high-cost regions. Meanwhile, Bank of America announced in April that its hourly pay will rise to $17 in May and increase to $20 by 2021. Story continuesDimon also pointed to the competitive pressure that compels him to pay enough to hire and retain effective workers.

According to Dimon, populist critics misrepresent the actions of wealthy people and big banks. Still, he acknowledged these critics tap into genuine discontent held by people struggling to gain access to services like quality education and health care.“But those problems are we can't build infrastructure,” he adds. “Those problems are the inner-city schools are not graduating our kids. Our litigation system is capricious.

The most shocking instance in the interview is when Dimon describes CEO and entry-level compensation as 'comparing apples and oranges.' How does a monetary system based on dollars allow that to be possible? Are these non-GAAP fruit?

Who gives a shit what he thinks?

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jamie Oliver and his family prepare to move houseJamie Oliver and his wife Jools are moving house with their five children – Poppy, Daisy, Petal, Buddy and River
Source: hellomag - 🏆 24. / 68 Read more »

Meet the ‘don’t ask, don’t tell’ veteran who became Stonewall’s first park rangerJamie Adams served in the military under the “don’t ask, don’t tell” policy. Now, she's the out and proud park ranger for the Stonewall National Monument. NBCOUT Why is it if we are all the same you dwell on geigh crap so much ? NBCOUT Keep it to yourself NBCOUT Tha k u for ur service Jamie
Source: NBCNews - 🏆 10. / 86 Read more »

'Knock Down the House' Stars Endorse Bernie Sanders' CampaignAmy Vilela, Cori Bush and Paula Jean Swearingen have all put their support behind the openly socialist 2020 candidate. CoriBush paulajean2020 amy4thepeople True progressives fighting together! I love it!🔥🔥🔥💪🏽💪🏽💪🏽🙌🏽🙌🏽🙌🏽 CoriBush paulajean2020 amy4thepeople CoriBush paulajean2020 amy4thepeople hard pass
Source: THR - 🏆 411. / 53 Read more »

Bernie Sanders Wrestles Beto, Warren, Bush in New Comic BookBernie Sanders wrestles Beto O'Rourke, Jeb Bush and Elizbeth Warren in new comic book. Bernie’s looking buff. Gross
Source: TMZ - 🏆 379. / 59 Read more »