JPMorgan (NYSE: JPM) CEO Jamie Dimon continued his apology and damage control roadshow Tuesday when he addressed shareholders at the bank's annual meeting.
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Even amidst regrets over the massive $2 billion trading loss, the merciful bunch of investors approved Dimon's $23 million pay package.
The repentant Dimon briefly addressed the group after the meeting began, requesting forgiveness.
"This should never have happened. I can't justify it. Unfortunately these mistakes were self-inflicted," Dimon admitted.
According to preliminary votes, an overwhelming 91.5% of shareholders approved Dimon's $23 million in salary and bonus for his 2011 performance, the same amount the 56-year-old CEO received in 2010.
Good news considering the Justice Department has started a probe into the $2 billion trading loss at JPMorgan, The Wall Street Journal reported. With few details about the investigation, The Journal noted that the inquiry has yet to zero in on what legal infractions may have been committed.
Nell Minow, co-owner and board member of research firm GMI Ratings, told Bloomberg News that the majority of votes regarding compensation and other topics were most likely cast before the loss was announced.
"I don't think that the vote will be indicative of shareholder concerns on this issue. It's unusual to have such shocking and bad news come in after most of the votes have been cast," Minow said.
Dimon, no doubt anxious to exit from the piercing eyes of concerned shareholders, moved the meeting along quickly, with the official assembly lasting just shy of an hour.
But Dimon left the pow-wow only to be greeted by a crowd of protesters, making its presence loud and clear with signs that criticized the $2 billion loss as well as the bank's actions in the housing market.