JPMorgan Chase &Co. CEO Jamie Dimon received a stock bonus valued at nearly $16 million for 2009 after steering the big bank through the aftermath of the financial crisis, the company said Friday. Dimon’s bonus carries several restrictions and can be recouped by the bank at any time and for any reason. The stringent measures are aimed at countering criticism over lavish pay at banks that helped cause the financial crisis and then received billions in taxpayer bailouts. Like other big bank CEOs, Dimon received no cash bonus for 2009. Instead, he got $7.8 million in restricted stock and $563,562 in restricted stock options, JPMorgan said. The options are valued at about $8.1 million, bringing his total 2009 bonus to $15.9 million.
Consumers still check borrowing
Americans borrowed less for an 11th consecutive month in December, paying off credit cards while increasing borrowing for cars and other products. The mixed picture raises hopes that Americans may soon return to spending, a necessary condition for economic recovery. But the record 11-month decrease in overall borrowing shows consumers are still holding back amid lingering economic uncertainty. The Federal Reserve said Friday that borrowing dropped by $1.8 billion — far less than the revised $21.8 billion decline in November.
U.S. official predicts ‘double dip’ unlikely
Treasury Secretary Timothy Geithner says the US has a low risk of a double-dip recession. Geithner told ABC News in an interview that will air Sunday on “This Week” that the U.S. is at a lower risk “than at any time over the last 12 months or so.” He said the economy is growing at the most rapid rate in six years during the last quarter of the year. And he believes the country is in “the process of healing.” The Dow finished slightly up Friday after falling 268 points on growing worries about the global economy the previous day. The outlook for jobs became a bit less bleak when January’s jobless rate showed an unexpected decline.
Cheating manager gets nine-year term
Opera-loving philanthropist Alberto Vilar was sentenced Friday to nine years in prison by a judge who credited his giving spirit but said he wanted to send a message to money managers that fraud will not be tolerated because it can damage confidence in the economy. U.S. District Judge Richard J. Sullivan also fined Vilar $25,000 and ordered him to pay $21.9 million in restitution and to forfeit more than $22 million. Vilar, 69, has been imprisoned since soon after a jury convicted him in November 2008 of conspiracy fraud for cheating investors of $40 million through his San Francisco-based company, Amerindo Investment Advisors Inc. Sullivan called Vilar a complicated man of “tremendous generosity” who had donated millions of dollars to charities, the arts and individuals. He said Vilar needed to be punished to send a stern message.
From Herald news services
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
