While Wall Street’s biggest banking executives face criticism from politicians, the public, and the press over high salaries and investments gone bad, they remain favorites among charities, Bloomberg writes.
In the past two months, social-service, cultural, and other nonprofit groups have feted more than a half-dozen top bankers — some of them more than once — with awards or other honors in recognition of charity work by them or their firms.
Among those feted were Jamie Dimon, chief executive of JPMorgan Chase, who last month acknowledged a $2 billion trading loss in a division that helps manage the company’s risk, and Vikram Pandit, the CEO of Citigroup, whose firm has lost 90 percent of its stock value in his 4 1/2 years at the helm.
“Look, the whole idea of these things is to raise money for the charity,” John Thain, the head of CIT Group, said after accepting a Father of the Year award from the Father’s Day/Mother’s Day Council earlier this month. “The demonization of Wall Street and bankers is very much a function of the press and of Washington, and not much more broadly held.”