Only on Wall Street: Lose $2 Billion of Your Company’s Money and Make $15 Million Yourself

One Chase Manhattan Plaza

Photo: Leoboudv (CC)

It’s great to have a job where even if you seriously screw up, you still make plenty of dough. Via RT:

Ina Drew helped make bank for JPMorgan Chase as the firm’s chief investment officer — until a blunder on her part cost the company roughly $2 billion. Drew resigned as CIO on Monday, but that’s not to say she is stepping down with nothing to show.

Despite being responsible for an in-house trading loss that totaled as much as $2.3 billion in losses for JPMorgan Chase, Drew stands to walk away from the Wall Street firm with a payout that could bring her as much as $15 million.

Drew’s departure from JPMorgan Chase was publicized early Monday, only days after she was named in a major economic goof-up that garnered criticism directed towards one of Wall Street’s most iconic institutions.

The bank is still slated to hold its annual shareholders meeting on Tuesday this week, with a new CIO already stepping up to the plate. Matthew E. Zames of both JPMorgan’s global fixed income group and mortgage division has already been named as a replacement for Ms. Drew…

Read More: RT

, , , , , , ,

  • DonKing

    Only in America

  • http://twitter.com/gogogadgetpoet Mike James

    My question is, when they say it was 2billion in losses — does that mean the money was lost to a specific company, or was it lost across multiple stock items. And if it was lost, where did it go? Proliferated equally across the market? Or was this “digi-dollars” ie, not “real money”? When the term loss is used, it means a subtraction, and a subtraction means whatever is taken away went somewhere else. I want to know where.

    • Dingdingchomp

      Yeah, why is it no one ever mentions that?

    • rtb61

       It’s called bonus sharing. A psychopathic scam between corporate executives from different companies. One month you make profits and get the bonus whilst your opposite co-conspirator racks up loses, next month you swap roles.
      It works because they do not deduct losses from your salary they don’t even go back and adjust bonuses. Hell they don’t even hold current losses over future bonuses. It’s all a ‘tee hee’ clean slate game from the bottom to the top. How do you think all those corporates executives who sent the banks bankrupt still got bonuses.
      Guess who kept the game going, guess who prosecuted no one, guess who still let bonuses be paid from rescued companies, guess who whined that the Republicans made him do it, guess who Fox not-News gave cover to all during this scandal by calling him a socialist progressive when he was a blatant corporatist, guess who generated record corporate profits while the middle class got totally screwed over, guess who, Uncle Tom Obama that’s who.

      • http://twitter.com/gogogadgetpoet Mike James

        I appreciate the general part of your response. I can successfully balance it out with what I got now and it provides a research point. But kill it with the Uncle Tom Obama stuff bro. Its weak. However enlightened you are, you should see that signifying ethnicity is a sign you’ve been affected by the government’s mindwash separation techniques. Or, like Kendrick Lamar said, “fuck yo ethnicity”. And while the rituals and characteristics of all our cultures and subcultures is important and to be respected, to be pragmatic here, Obama is like me, except it’s American Indian instead of “white”. (Quick note though: Seems skin pigment is more a who is more brown than actual color difference).

        • rtb61

           Perhaps Uncle Tom(betrayer) might help, you see it’s your American exceptionlism that defines Uncle Tom can only have the American meaning. Uncle Tom in a lot of places is just interpreted as being a particular style of betrayal, whilst I am aware of the American use (the betrayer is also used http://www.youtube.com/watch?v=ibsP6XN2dIo, here Ralph Nader uses the betrayer definition and Fox not-News defending Obama uses the rascit interpretation), I will not be governed by it.
          So who do you support Fox not-News who defended Barack Obama or Ralph Nader (I have far greater respect for Ralph Nader)

21
More in Banksters, Corporation Watch, Gambling, Ina Drew, Investing, JPMorgan Chase, Wall Street
How Wall Street, Congress and President Obama Killed Financial Reform

"It's bad enough that the banks strangled the Dodd-Frank law. Even worse is the way they did it - with a big assist from Congress and the White House." Another...

Close