JP MORGAN'S INVESTMENT OFFICER WALKS OUT WITH 7 $ US 32MILLION

[bob10]

Courier Mail, 16 May. " Investors wiped $ US 19 billion from JP Morgan's market value after it revealed a shock $US2 billion trading loss. Yesterday it emerged that chief investment officer Ina Drew , one of the highest paid women on Wall st. , was leaving the bank after accepting a $US32 million dollar payout. Her division was responsible for the failed derivatives trading scheme , originally aimed at hedging risks, which appears to have evolved into a big bet on the direction of the economy, that went spectacularly wrong." Words fail me, Bob

[It'sNotWorthComplaining!]

The top end of town looks after their own kind.
And often workers get retrenched and often their entitlements are not there any more , lost or gambled away. Happened to some aussie workers:mad:

[SuperMono]

Let's think about this...

Last year Ina Drew was apparently on a package worth $US15+M.
Under her watch her department make a major stuff up and losses a bundle.

It has been said she has become the first casualty of the bank's massive loss by resigning.

So, stuff up and resign.
Then get $US400K up front, plus a share award worth more than $US10M.
Plus unexercised options valued at (end of last year) at more than $US3M, plus various retirement benefits worth more than $US10M

Bugger it, tommorow I going in and making a series of crap decisions, wait until it hits the fan and will then offer my resignation.
Ahh.. thats right, I work in the real world, no golden handshake for me.

Any wonder the financial industry has a credibility issue.

[wardy1]

They even have a catch-phrase for it now....... "Failing Upwards"

What a world we live in.

[vnx205]

How much longer are we going to have to put up with the big end of town justifying the obscene salaries of top executives by mouthing the platitude that if you pay peanuts, you get monkeys?

It seems that if you pay $15m a year, you get someone who allows $2b to disappear on her watch.

JP Morgan would have been better off with a monkey!

[It'sNotWorthComplaining!]

It also happened at a work place I worked, the big stuffer uppers of the so called rank and file.
cost the company money and you get promoted.
eg. have nearly every monday off due to a drinking problem, hang over Monday, take sickies every week, or if work was too hard go on stress leave.
Result, If I was in charge he would have been shown the door.
Got elected union delegate and he was also promoted to leading hand.

Cost the company money by breaking machinery, lack of work effort = favored for overtime and promoted.

Take a few sickies during the week, and b e given overtime at weekend at double time.

Work hard , keep a low profile = remain at the bottom of the pecking order.