This is a must-read open letter to JP Morgan's President, Jamie Dimon, written by Josh Brown over at The Reformed Broker. It is in response to Dimon's comment “Acting like everyone who’s been successful is bad and because you’re rich you’re bad, I don’t understand it.” Although Brown's entire letter is a must read, one quote strikes at the heart of the matter:
"No, Jamie, it is not that Americans hate successful people or the wealthy. In fact, it is just the opposite. We love the success stories in our midst and it is a distinctly American trait to believe that we can all follow in the footsteps of the elite, even though so few of us ever actually do.
So, no, we don't hate the rich. What we hate are the predators.
What we hate are the people who we view as having found their success as a consequence of the damage their activities have done to our country. What we hate are those who take and give nothing back in the form of innovation, convenience, entertainment or scientific progress. We hate those who've exploited political relationships and stupidity to rake in even more of the nation's wealth while simultaneously driving the potential for success further away from the grasp of everyone else."
Supporting articles I've written on related topics include one on the Occupy Wall Street movement, another on corporate governance and compensation, and one on the need for a "new economic morality" -- among others!
But, well done, Josh Brown, a brilliant letter to a typical corporate type and indeed, that is the problem, not compensation per se.
Pass it on!