Jamie Dimon Shows His Sense of Entitlement; He Is No Average American






JP Morgan CEO Jamie Dimon (salary: about $21 million annually) knows a lot about banking but not much about how ordinary people manage their finances, including a minimum wage teller who works for his bank. In this exciting video exchange, Dimon is dumbfounded when asked how to manage money on minimum wage.

As a CEO, Dimon probably is not confronted by real-world financial issues like the one in this video. A Harvard Business study found that people who enjoy a luxury lifestyle, like Dimon, are not always concerned about others. 

The study said, “One commonly proffered explanation is that these executives lack a moral compass, leading them to care only about themselves to the extent of hurting others. Our findings offer another perspective—the fact that these executives are surrounded by luxury did not help their decision-making to be more “other-oriented.” Yet their seemingly “immoral” decisions stem not so much from a real desire to hurt others but more from self-indulgence.  Besides limiting the size of bonuses, limiting corporate excesses and luxuries might be a step toward getting executives to behave more responsibly.”

So, it seems pretty simple: If you take away the actual entitlements from people, they will come down to earth.

The vast bonuses, bodyguards, unlimited expense accounts, executive assistants, control over huge discretionary benefits, golden parachutes, and ability to manipulate the executive compensation committee all contribute to the sense of entitlement and don’t add to the pursuit of equality. Jamie Dimon is no average guy, so as this exchange shows, he does not like being put on the spot or asked how ordinary people make due on a minimum wage.

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Chuck Epstein has managed marketing communications and public relations departments for major global financial institutions and participated in the launch of industry-changing financial products. He also has written by-lined articles for over 50 publications, five books and served as editor and publisher of nation’s first newsletter on the topic of using the PC for personal investing and trading. (“Investing Online, 1994-1999). He also is a marketing consultant, writer and speaker on topics related to investor protection and opportunities in the very dynamic cannabis industry. He has held senior-level marketing, PR and communications positions at the New York Futures Exchange, Chicago Mercantile Exchange, Lind-Waldock, Zacks Investment Research, Russell Investments and Principal Financial. He has won national awards from the Mutual Fund Education Alliance (MFEA) and his web site, www.mutualfundreform.com, was named best small blog in 2009 by the Society of American Business Editors and Writers (SABEW).


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