U.S. Sen. Scott Brown is calling on JPMorgan Chase CEO Jamie Dimon to return his annual bonus and incentive compensation as penance for the banking giant’s recent $2 billion-plus investment blunder.
“The way for Jamie Dimon to demonstrate his seriousness about the mistakes that led to JPMorgan’s $2 billion trading loss is to take back bonuses and incentive compensation from those who were involved in the failed (trades) — including himself as CEO,” Brown said today as Dimon testified on Capitol Hill about the fiasco.
“The only way to change the culture on Wall Street is to hit people where it hurts – in the wallet,” the Massachusetts Republican said. “Perhaps then the big banks will think twice about taking unnecessary risks that undermine public confidence in our financial system.”
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This story first ran in the Boston Herald on June 13, 2012.