JP Morgan CEO Jamie Dimon (salary: about $21 million annually) knows a lot about banking, but not much about how average people
manage their finances, including a minimum wage teller who works for his bank. In this interesting 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. As a Harvard Business study found, when it comes to people who enjoy a luxury lifestyle, like Dimon, they 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 over self-indulgence. Perhaps 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 huge bonuses, bodyguards, unlimited expense accounts, executive assistants, have control over huge discretionary benefits, golden parachutes, and being able to manipulate the executive compensation committee, all contribute to the sense of entitlement, 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 being asked about how average people make due on a minimum wage.