On Capitol Hill: A Clueless Big-Bank Top Executive

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

As CEO of banking giant JPMorgan Chase, Jamie Dimon has ultimate budget responsibility for a mega-billion-dollar enterprise. But last week, testifying before Congress, Dimon declined to take any responsibility for — or show much interest in — the budget challenges JPMorgan workers face. Rep. Katie Porter of California asked Dimon what advice he’d give an entry-level JPMorgan employee with a child who lives in a one-bedroom in her district that rents for a monthly $1,600. After food, child care, and other basic expenses, the $2,425 the worker takes home monthly from JPMorgan leaves her $567 in the red. Dimon at first quipped that the entry-level worker just “may have my job one day.” Maybe, replied Porter, but right now she’s doesn’t have “your $31 million” to spend. Porter went on to press for a helpful budgeting suggestion. Replied Dimon: “I don’t know. I’d have to think about that.”

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Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

Posted In: Union Matters

Union Matters

A Few Hundred Million Good Reasons Not to Care

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Millions of American families are still reeling from the aftershocks of the financial crash a dozen years ago. But a key architect of that debacle, Countrywide Financial CEO Angelo Mozilo, is feeling no pain — and no remorse either. In the decade before the crash, Mozilo took $650 million out of Countrywide, a hefty chunk of that just before the subprime mortgage scam Countrywide exploited started to implode. Earlier this month, Angelo described Countrywide as a “great company” at a conference appearance and declared subprimes as “not the cause at all” of the nation’s 2007-2008 financial wreckage. Added Mozilo: “Somehow — for some unknown reason — I got blamed.” The former CEO is acknowledging that all the blame did at one point bother him. And now? The famously always tanned Mozilo notes simply: “I don’t care.” 

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Every Worker's Right

Every Worker's Right