Nov 11, 2019

JP Morgan's Dimon calls wealth gap a huge problem but defends CEO pay

JPMorgan Chase CEO Jamie Dimon prepares to testify before the House in April 10. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

JPMorgan Chase CEO Jamie Dimon told CBS' "60 Minutes" in an interview broadcast Sunday that the wealth gap in the U.S. is a "huge problem."

Details: When CBS journalist Lesley Stahl asked him if the $31 million he was paid last year was too much, he replied he had "nothing to do with" the payment decision and questioned whether returning some of the money would "solve any of those problems."

The wealthy have been getting wealthier too much, in many ways. So middle-class incomes have been kinda flat for maybe 15 years or so, and that’s not particularly good in America."
— Dimon on "60 Minutes"

Why it matters: CEO pay has been criticized by progressive Democratic presidential candidates including Sens. Bernie Sanders and Elizabeth Warren, both of whom have issued policies targeting wealthier Americans.

The big picture: Warren has personally called out Dimon in a series of Twitter posts. Dimon told CNBC last Tuesday that Warren "vilifies successful people." He clarified his remarks in his "60 Minutes interview."

"What I was commenting on is that anything that vilifies people I just don't like. I think, you know, most people are good, not all of 'em. I think you should vilify Nazis, but you shouldn't vilify people who worked hard to accomplish things. And so my comment is, I think it's American society — we're just attacking each other all the time."
— Dimon on "60 Minutes"
  • In the wide-ranging interview Dimon was positive about the U.S. economy, despite slow growth forecasts.
  • "The consumer, which is 70% of the U.S. economy, is quite strong,” he said. "You see that the strength of the American consumer is driving the American economy and the global economy. And while business slowed down, my current view is that, no, it just was a slowdown, not a petering out."

Go deeper: JPMorgan's Jamie Dimon: "The American dream is alive — but fraying"

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Financial literacy is not the problem

Illustration: Aïda Amer/Axios

A recent "60 Minutes" segment covered how JPMorgan views extending credit to black entrepreneurs.

"Jamie Dimon, the CEO of JPMorgan Chase, is testing out a new kind of business investment in the city of Detroit. The idea grew out of Dimon's interest in changing the way the bank was engaging in philanthropy."
Leslie Stahl, opening her "60 Minutes" segment
Go deeperArrowNov 21, 2019

Google and YouTube removed 300 Trump campaign ads

Google logos are seen in this photo illustration together with images of President Trump in 2018. Photo: Jaap Arriens/NurPhoto via Getty Images

Google and YouTube have removed 300 Trump campaign ads, mostly over last summer, for violating the services' policies, "60 Minutes" reported Sunday evening.

Details: "60 Minutes" reviewed the companies' transparency reports detailing incidents in which ads have been taken down, but found that the records offered no explanations for the removals, and no record of the original content of the ads.

Go deeperArrowDec 2, 2019

Billionaires are not happy with Elizabeth Warren and her wealth tax

Photo: Joseph Prezioso/AFP/Getty Images

Billionaire hedge fund manager Leon Cooperman again unloaded on Sen. Elizabeth Warren in an interview Wednesday with CNBC, a month after sending her a five-page letter.

Why it matters: His comments came in response to Warren's latest TV ad, which is titled “Elizabeth Warren Stands Up to Billionaires,” and will begin running on the network soon.

Go deeperArrowNov 14, 2019