Setting aside the challenges of scraping by on $11.5 million for Dimon, the germane issue is JPMorgan shareholders are facing losses, fines, and legal costs that may exceed $23 billion. How can shareholders tolerate losses this large? They deserve better and should demand more of the board of directors and the C-Suite.

It's not hard to reach $23 billion after adding a $6.2 billion London whale loss, $11 billion or more in fines, and more than $6 billion in anticipated legal costs.

JPMorgan has about 3.77 billion shares outstanding, and the cost per share is more than $6, more than the total profit in any of the lasts three years. At the current 8.55 forward price-to-earnings ratio spread out over three years, shareholders have lost about $15 from what they otherwise reasonably may expect to sell their shares for.

It's Dimon's fiduciary duty to look after shareholders, not JPMorgan's employees, and I don't believe shareholders are receiving much in terms of an advocate when the only ones suffering real losses are investors.

At the time of publication, the author had no position in any of the stocks mentioned.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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