Journalists Overpaid, Says Jamie Dimon

JP Morgan Chase CEO Jamie Dimon recently said journalists make too much money, based on the amount of revenue newspapers generate and media companies' lack of profitability.  The Bureau of Labor Stastistics says journalists make $43,780 annually.  In addition to his $23 million salary last year, Dimon also justified JP Morgan Chase's average wage rates of over $340,000 per year on the basis that it, as a Wall Street Bank, has to hire the best employees.  Attitudes like this from Wall Street CEOs and others in the Top 1% explain why those in the bottom 99% distrust Wall Street Bankers.  Media companies should not be allowed to go bankrupt, but their purpose is to truthfully disseminate the news.  With the amount of money both Dimon and his bank makes, he can hire public relations specialists to help dress up the facts to present to overworked journalists and make the bank look better than it really is.  The consolidation of media companies occurred because of pressure from the banks to be profitable, leading them to pursue the most sensationalizing stories as opposed to the news stories that people need to hear.  As a result, most people do not trust network news and Jon Stewart, even as a comedian, has taken the role of America's most-trusted news broadcaster.

http://www.huffingtonpost.com/2012/02/28/jamie-dimon-newspaper-reporter-pay_n_1307989.html; http://blogs.wsj.com/deals/2012/02/28/jamie-dimon-want-to-make-sure-everyone-hears-him/?mod=wsj_share_twitter

Top Six Executives at J.P. Morgan Chase Each Got Paid $10 Million-Plus in 2010

On page 24 of this report filed with the SEC, banking giant J.P. Morgan Chase reports that it has paid each of its top six executives $11 million-plus each. Each of them received bonuses worth over $3.4 million in 2010. Jamie Dimon, the bank's CEO, took home total pay of over $20.8 million.
http://www.sec.gov/Archives/edgar/data/19617/000119312511091290/ddef14a.htm#toc149447_12