the people's bailout

Silicon Valley’s Paydays Are Outrageous—So, Where’s the Outrage?

JPMorgan pays CEO Jamie Dimon $20 million, and it’s instantly the subject of widespread angst—online, in newspapers, and all over cable news. Then, this week, Google announces a $106 million payday for Chairman Eric Schmidt, and the reaction is relatively mute.

Why?

This was the subject of a Steven Davidoff’s column (that notably left out the word “bailout.”) People have every reason to be mad at JPMorgan and Dimon, given the way the last seven years have gone, not just for the bailout but also for all the lawbreaking that has characterized Dimon’s watch (nepotism in China, LIBOR, money laundering, and the list goes on.). While there are reasons to be mad at Google, they don’t involve blowing up the world economy, consuming billions of dollars of taxpayer money, and then whining about being treated unfairly.

That’s why people are upset about Dimon’s paltry $20 million rather than Schmidt’s princely $106 million. But it doesn’t make Silicon Valley’s huge payouts right.

Read more. [Image: Reuters]