Bank CEO thinks journalist salaries are 'outrageous'

It used to be journalists were considered creative talent, kind of like movie actors or other creative types. Not the anyone can shoot the screw in the factory types. When looked at like that, journalists make crap salaries. If we're just widget makers then you can see his point. Which, of course, is ridiculous. I've always said, newspaper execs should go out on the street, recruit 25 people, bring them in and see whether they can put out the product on deadline. Then get back to us.

 

Ding, ding, ding...magic nails it.

I love that idea...put the entire staff on furlough for a week, bring in 25 random, interested people off the street and put out a series of paper...now, that would be fun.

On a side note...early in my career we had trouble finding a part-timer to take football scores on deadline, so my wife took the couple hour shift each week for the fall. Halfway through the season, she was ready to be done...she stuck it out though, and by the end of football she had a much greater appreciation for what I do.

 

Only available defense of Dimon is that he has gone on record as saying, in so many words, "Of course, the rich should pay a higher percentage in federal taxes . . . "

 

I'm gonna play devil's advocate ... to a point. But this shouldn't be confused with taking his side.

If, IF, all a newspaper REALLY wants is to publish inoffensive fluff that keeps the advertisers happy and the publisher popular at the golf course? That doesn't require a room full of college grads. So when you get into what many small-town newspapers are now producing ...

That said, obviously GOOD journalism requires educated, motivated people. Of course, he likely also knows that if ever a journalist should decide to start sniffing around his own organization ...

 

Speaking of bankers ...

http://finance.yahoo.com/news/bonus-withdrawal-puts-bankers-malaise-050100338.html

 

That article almost read like a parody of something. I mean, poor baby, he might have to send his kids to public school, or not blow $17K on dog care.

The One Percent, ladies and gentlemen!

 

Wouldn't a fair headline be, "Bank CEO doesn't think bankers salaries are 'outrageous'"?

He was defending bankers' compensation as a percentage of revenue.

 

And he did a real shitty job of it. He never cited which newspaper or newspapers gave out 42 percent in salary. He never cited if that 42 percent were just the newsroom, or the entire paper including the executives who would take up a large percentage of that. He claimed newspapers weren't making money, when we all know for decades that they were making money hand over fist. Their value has gone way down, but they're still making money.

If you're the top guy of one of the most prominent banks in the country, the least you can do is be somewhat accurate when you're picking on the little guy.

But, coming from an asshole who used our taxpayer bailout money to buy other businesses instead of making loans like they were supposed to do, I guess we really shouldn't expect any honesty:

http://jonathanturley.org/2008/10/28/jpmorgan-chase-executive-admits-that-bailout-will-be-used-not-to-make-new-loans-but-to-buy-other-companies/

 

Wasn't real high on bank CEOs before this thread. #fee

 

There are many studies about what the average salary in journalism. What are salaries like at the top places -- The New York Times, The Washington Post and Los Angeles Times? I know the top two are union shops. What would a sports reporter on a major beat make there? How much do columnists make? I know it varies by person and experience.

 

Which comedian was it who said he didn't understand banks, because you give them all your money, and they put up a big building?

I could see the "total compensation" argument given a few posts ago. That would include, say, Dubow's parachute.

 

Off the cuff, the guy is a far more coherent public speaker than the Mitt will ever be (and can do the give-and-take, and doesn't have to hide behind staff), but he's right up there in terms of saying things that sound horrible in public forums.