Big Banks and the Pay Gap

JP Morgan Chase CEO Jamie Dimon is grilled in front of a House Committee on growing income inequality and his company’s culpability. Here’s more:

“During Wednesday’s hearing with bank CEOs, Rep. Katie Porter drove home how wide the gap is between Jamie Dimon’s lavish lifestyle at $31 million per year and a theoretical entry-level employee at JP Morgan Chase. In Porter’s scenario, she imagined a single mom of a 6-year old living in Irvine, CA. She found a job at JP Morgan Chase on Monster.com advertised at $16.50 hourly wage. She then proceeded to outline how this single mom would face at least a $567 shortfall each month after taxes and expenses. Her question for Dimon was simple: ‘How should she manage this budget shortfall while she’s working full-time at your bank?’ Hedging, Dimon answered, ‘I don’t know that all your numbers are accurate. That number is generally a starter job. You can get those jobs out of high school, and she may have my job one day.’ Oh! That pie-in-the-sky attitude, where if you just hope hard enough as a single parent of a six-year old making $16.50/hour, you too can make $31 million a year. It’s like a drug. An insidious, addictive, lie-drug. Porter would have none of it, reminding Dimon that maybe she would, but TODAY she’s $500 short of meeting her bills. ‘She may,’ Porter shot back. ‘But, Mr. Dimon, she doesn’t have the ability right now to spend your $31 million.’”

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