Congresswoman Destroys Chase CEO Jamie Dimon By Showing How an Actual Employee Cannot Live on Wages He Pays
Jamie Dimon, the CEO of JPMorgan Chase, is one of the most prominent financial industry figures in the world. But even this business titan cannot figure out how to make ends meet on the full-time wages earned by some of his company’s employees.
This fact was exposed Wednesday on Capitol Hill during a House Financial Services Committee hearing. Freshman Rep. Katie Porter (D-CA) shared the story of a constituent whom she called Patricia — a full-time Chase bank teller who has to overcome a significant budget shortfall each month.
Porter broke down the numbers for Dimon:
She had $2,425 a month. She rents a one-bedroom apartment. She and her daughter sleep together in the same room in Irvine, California. That average one-bedroom apartment is going to be $1,600. She spends $100 on utilities. Take away the $1,700 and she has net $725.
She’s like me, she drives a 2008 minivan and has gas — $400 for car expenses and gas. Net $325. The Department of Agriculture says a low-cost food budget — that is Ramen noodles, a low food budget — is $400. That leaves her $77 in the red.
She has a cricket cell phone, the cheapest cell phone she can get for $40. She’s in the red $117 a month.
She has after-school childcare, because the bank is open during normal business hours. That’s $450 a month. That takes her down to negative $567 per month.
Porter’s question for Dimon was simple — and yet, as it turned out, totally unanswerable.
“How should she manage this budget shortfall, while she’s working full-time employee at your bank?” Porter asked.
Dimon took a four-second pause, shook his head, and said, “I don’t know that all your numbers are accurate. That number is generally a starter job.”
“She is a starting employee,” Porter replied. “She has a 6-year-old child. This is her first job.”
“You can get those jobs out of high school, and she may have my job one day,” Dimon said.
Porter was not satisfied with Dimon’s comment.
“She may, but Mr. Dimon, she doesn’t have the ability right now to spend your $31 million,” Porter said — referencing Dimon’s reported 2018 pay.
“I’m wholly sympathetic,” Dimon said.
Perhaps, but not enough for Porter’s liking.
“She’s short $567, what would you suggest she do?” Porter said.
“I don’t know,” Dimon admitted. “I’d have to think about that.”
Porter then delivered the snark.
“Would you recommend that she take out a JP Morgan Chase credit card and run a deficit?” Porter asked.
“I don’t know,” Dimon said. “I’d have to think about it.”
“Would you recommend that she overdraft at your bank and be charged overdraft fees?” Porter asked.
“I don’t know I’d have to think about it,” he said again.
Watch above, via CNN.
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