Friday, July 18, 2014

Egregious subjugation of the working class continues. Workers get 2.6% pay raise for critically important work while Jamie Dimon sees salary double

Another example of egregious subjugation of the working class. Long Island Railroad Workers were given a 17% pay raise, spread out over 6.5 years, but they must kick in more toward their health care payments, so it works out to even less than the paltry, 2.6% annual increase.

The Long Island Railroad is the largest commuter railroad in the country. A strike would have affected hundreds of thousands if not millions of people, businesses, etc in the region. In other words these workers' jobs are absolutely essential to the economy and peoples' lives.

In contrast, Jamie Dimon gets a near DOUBLING of his pay (from $11.4 million per year to $20 million) in one year even though he guided his bank to a 0.7% return on assets. In other words if Jamie Dimon were gone no one would see the difference. Even worse, the bank could have held Treasuries and made a heck of a lot more than what Jamie Dimon delivered.

That's the state of our tragic society.


Ralph Musgrave said...

"Jamie Dimon" - that would be the head of that organization (J.P.Morgan) that was recently fined $20bn for various crimes, making it the biggest criminal organization in the US.

mike norman said...