"Acting like everyone who's been successful is bad and that everyone who is rich is bad – I just don't get it," said Dimon at the conference, which was organized by Goldman Sachs Group Inc. Dimon said he's worked on Wall Street for much of his life and contributed his fair share.
"Most of us wage earners are paying 39.6 percent in taxes and add in another 12 percent in New York state and city taxes and we're paying 50 percent of our income in taxes," Dimon said in defense of his fellow Wall Street bankers."
It is a bit hard to feel sorry for these "wage earners" after Chase just got its hand slapped by the SEC in a little sweetheart deal for $250 million, in an admit no evil deal, after they shystered investors in a bad paper scheme to the tune of $700 million dollars, while colluding with the ratings agencies to give the trash triple a ratings.
This poor wage earner made a $20.8 million dollar base salary last year, throw in a $5 million dollar bonus, $17 million in stock options and a little stipend for the family's move from Chicago. In fact Dimon made about $57,000 a day last year. Not a bad day at the office.
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Dimon and his crew like to point out that they were not exactly selling to the little sisters of the poor, instead they were servicing savvy institutional investors who didn't care what they thought about the quality of the credit derivatives. Like a sucker superfecta exotic at the track. After all the business of capitalism, at least how it is played in this venue is selling risk. Why don't we ever hear from these people that got burned and see how good they feel about Goldman Sachs and J.P. Morgan Chase?
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