Jamie Dimon is the head of JPMorgan. You may remember JPMorgan is not subject to the executive pay caps because they have paid back all their TARP money. This is a good thing.
However, as a CEO, he has made what I consider the dumbest statement of any CEO I know of. When asked if he would recruit those great talents who are under pay caps, Jamie says:
“I morally have an issue with people going against those companies that are hamstrung,” ... “It’s wrong to say, ‘Let’s go hire the best people.’ We’re not going to do that.”
First, as a stockholder, I could careless what he "morally" thinks is right or wrong. He is OBLIGATED to look out for the best interests of the firm and that means getting the best talent he can get at a price. He should TAKE ADVANTAGE of the situation and go in for the kill on these other companies. To say they will not "go hire the best people" is fiduciary incompetence at the highest level.
Second, if what he says is how he is going to act then he is supporting, in a big way, the pay caps. The fear of the "top talent" leaving has just been diminished as one of the major potential employers has just agreed not to hire the talent.
Jamie Dimon has done good things for JP Morgan but this is an act of management malpractice.
You Can Resist Even if You are In The Military!
