JPMorgan Cushions Drew’s Retirement With $21.5 Million
By Dawn Kopecki - Jun 28, 2012 11:00 PM CT

JPMorgan Chase & Co. (JPM)’s decision to let Chief Investment Officer Ina Drew retire four days after the bank disclosed a $2 billion loss in her division allowed her to walk away with about $21.5 million in stock and options

-
Drew, who resigned May 14, can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment “with cause,” according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.

A 30-year JPMorgan veteran, Drew also had accumulated 661,000 unrestricted shares of common stock worth about $23.7 million based on the May 14 closing price, $9.7 million in deferred compensation and $2.6 million in pension pay as of Dec. 31, according to company filings. Altogether, Drew’s stock, pension and deferred pay come to about $57.5 million.

-
Drew, 55, oversaw the London traders responsible for a $2 billion loss on credit derivatives that Chief Executive Officer Jamie Dimon said “violated common sense.” Shares of the largest U.S. bank have plunged 19.1 percent since Bloomberg News first reported on April 5 that JPMorgan was having trouble unwinding illiquid bets on credit derivatives. While Dimon told lawmakers in separate hearings this month that the company could claw back two years of bonuses, Drew’s pay probably won’t be affected, according to compensation consultants
-
http://www.bloomberg.com/news/2012-06-29/jpmorgan-cushions-drew-s-retirement-with-21-5-million.html

or maybe not...

My two savings accounts there. I already moved one to my husband's credit union after we were married in April. They have too much money in them to be risked by this nonsense. Small business owner looking for a loan? Yep! Family trying to buy a home? Yep!


Hedge Fund manager playing finance games. No waaaaaaaaaay.

or whether banksters copy government dress. Just where did the suit and tie originate, and how did it come to be associated with lying cheating stealing from poor people?

Just look at who gives all the money to the committe members.

Socialize cost, privatize profit.

Its the fascist way. America's way now too.

It is all monopoly money to them....

Over him with such statements like he should be in charge of US finances

The country is so over with

There is no doubt in my mind that this is a country by the corporations, for the corporations

in early trading today.

http://finance.yahoo.com/q?s=jpm&ql=1

and people think that he's doing a GOOD JOB? And he has the gall to argue in front of congress that his business shouldn't have to play by any rules and just let things happen as they will?

$9 billion. I'd have to work for 180,000 years to earn that much money, and he's acting like it's no big deal?

I think we need a new term for these banks: Too big to exist.

And some single parent somewhere doesn't have cash to pay for this semester's tuition, cause they decided it's more necessary to feed the kid than go to school.

Christian America, my ass.

If corporations are people, I think a corporation should go to jail

Obama Trade Deal To Put Corporations Above The Law

His powerful image may take a beating.

So this must mean that the banksters at JPMChase will receive even larger bonuses for demonstrating, yet again, their absolute brilliance, all while the good ship America continues to take in water.

I remember 'experts' saying that about the Long Term Capital Management big-wigs.

Seems to me they're dumb as hell; they just seem to get lucky when the market is going up.

It is very shocked news.