Crime does pay: Jamie Dimon is officially a billionaire

[marmar]

Jamie Dimon, who helped assemble Citigroup Inc. and then improved on the experiment with JPMorgan Chase & Co., is responsible for two of the biggest banks the world has ever seen. His life’s work also made him rich.

With JPMorgan shares near a record high, Dimon’s net worth is about $1.1 billion, according to the Bloomberg Billionaires Index. Dimon’s fortune derives from a $485 million stake in New York-based JPMorgan, where he’s been chief executive officer since the end of 2005, and an investment portfolio seeded by proceeds from Citigroup stock sales.

Dimon’s status is unusual because, with the exception of former mentor Sanford “Sandy” Weill, few bank managers accumulate that much wealth. Most finance-industry billionaires start businesses or investment firms, such as hedge-fund tycoon George Soros, who is worth $28.5 billion, or Blackstone Group LP co-founder Steve Schwarzman, worth $13.4 billion.

“The odds are much, much lower for a bank CEO becoming a billionaire than a guy going to a hedge fund or private equity,” said Roy Smith, a professor at New York University Stern School of Business and a former Goldman Sachs Group Inc. partner who started on Wall Street in 1966. “The real lucre in this business has always been on the transactional side. The CEOs of Wall Street have to deal with litigation, regulation and the relatively short tenures you have at the top of the pile.” ..................(more)

http://www.bloomberg.com/news/articles/2015-06-03/jamie-dimon-becomes-billionaire-ushering-in-era-of-the-megabank-iagiwwl8

[hobbit709]

1. If you think big enough when you steal you get rewarded.

It's the small time robbers that get locked up.

The only reason Madoff got locked up was is that he stole FROM the 1% and not FOR the 1%.

[daleanime]

2. Thinking big isn't enough...

but if you start rich, you're always rich at the end.


Always a few exceptions, but the majority born rich stay rich.

[djean111]

3. Looks like that little side job of whipping votes paid very well.

[BrotherIvan]

6. ^^^^^^^That right there^^^^^^^^^^

[WillyT]

4. K & R !!!

[johnnyreb]

5. America is like Christmas every day!

And if you all work harder, I can make even more!

Here’s Jamie Dimon’s Opulent, Maddeningly Tone-Deaf Christmas Card
http://business.time.com/2013/12/18/heres-jamie-dimons-opulent-maddeningly-tone-deaf-christmas-card/

[BrotherIvan]

7. Friends in high places