GOOD DAY FOR LEADER OF .01%

You just gotta love the headline from the Corporate MSM that makes it seem like poor Jamie Dimon is taking a hit by only getting a $17.3 million stock payout in 2011. That doesn’t include his salary and cash bonus. But you must admit that he surely deserves every penny. It is extremely difficult to make billions in profits when the Federal Reserve hands you an infinite amount of cash at 0% and you can invest it risk free in Treasuries paying 3%. It is also difficult to tell your accounting department to create billions in profits by pretending your loan losses will be much lower in the future. If that doesn’t work, just steal $1.2 billion from the accounts of MF Global customers and pretend it is yours. I love free market capitalism. So does Jamie.

JPMorgan Chase Trims Chief Jamie Dimon’s Stock Payout for 2011

(Bloomberg) — JPMorgan Chase & Co., the largest and most profitable U.S. bank, paid Chief Executive Officer Jamie Dimon $17.3 million in restricted stock and options for 2011, slightly below the previous year.

The board awarded Dimon 337,032 restricted shares valued at about $12.3 million based on the Jan. 18 closing price, according to a filing today with the U.S. Securities and Exchange Commission. Dimon also received 562,430 options valued by the company at about $5 million, according to a person familiar with the calculations.

That compares with $17.4 million for 2010, including 251,415 restricted shares valued at $12.1 million and 367,377 options valued at $5.3 million, according to disclosures by the New York-based company.

His total compensation for 2011 will be about the same as last year, when he was awarded $23 million, according to the person, who declined to be identified because compensation matters are confidential.

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