{"id":184219,"date":"2012-06-29T19:36:00","date_gmt":"2012-06-30T00:36:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/06\/29\/not-enough-bullets-47\/"},"modified":"2012-06-29T19:36:00","modified_gmt":"2012-06-30T00:36:00","slug":"not-enough-bullets-47","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2012\/06\/29\/not-enough-bullets-47\/","title":{"rendered":"Not Enough Bullets\u2026"},"content":{"rendered":"<p>So, JPMorgan Chase loses $9 billion under the watch of their Chief Investment Officer Ina Drew, so they fire her, and they are <a href=\"http:\/\/www.bloomberg.com\/news\/2012-06-29\/jpmorgan-cushions-drew-s-retirement-with-21-5-million.html\">letting her walk with millions of dollars<\/a>:<\/p>\n<blockquote style=\"color: blue;\"><p>JPMorgan Chase &amp; Co. (JPM)\u2019s decision to let Chief Investment Officer Ina Drew retire four days after the bank disclosed a $2 billion loss in her division allowed her to walk away with about $21.5 million in stock and options.<\/p>\n<p>Drew, who resigned May 14, can keep $17.1 million in unvested restricted shares and about $4.4 million in options that she otherwise would have been required to forfeit if the New York-based bank had terminated her employment \u201cwith cause,\u201d according to regulatory filings and estimates from consulting firm Meridian Compensation Partners LLC.<\/p>\n<p>A 30-year JPMorgan veteran, Drew also had accumulated 661,000 unrestricted shares of common stock worth about $23.7 million based on the May 14 closing price, $9.7 million in deferred compensation and $2.6 million in pension pay as of Dec. 31, according to company filings. Altogether, Drew\u2019s stock, pension and deferred pay come to about $57.5 million.<\/p>\n<p>\u201cShe was with that company for a long time,\u201d said Frank Glassner, a partner at Meridian in San Francisco. \u201cShe was an incredibly talented, well-thought-of employee, not only within the company but on the Street. A lot of this money had been earned over a great deal of time, not just yesterday.\u201d <\/p><\/blockquote>\n<p>Obviously, part of this is money already earned, but <b>unvested<\/b> shares?&nbsp; For ordinary people, if you leave, the unvested shares are <b>gone.<\/b><\/p>\n<p><b>&nbsp;<\/b>Seriously, am I the only one who thinks that this is hush money?<\/p>\n<p>H\/t <a href=\"http:\/\/blogs.reuters.com\/felix-salmon\/2012\/06\/29\/what-happened-to-ina-drews-clawback\/\">Felix Salmon<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>So, JPMorgan Chase loses $9 billion under the watch of their Chief Investment Officer Ina Drew, so they fire her, and they are letting her walk with millions of dollars: JPMorgan Chase &amp; Co. (JPM)\u2019s decision to let Chief Investment Officer Ina Drew retire four days after the bank disclosed a $2 billion loss in &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,975,969,1004],"tags":[],"class_list":["post-184219","post","type-post","status-publish","format-standard","hentry","category-corruption","category-employment","category-evil","category-finance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184219"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=184219"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/184219\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=184219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=184219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=184219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}