Maybe that's unfair. Let's compare Dimon's numbers to other CEOs, based on AFL-CIO figures.
Even if Dimon cashes in the whole $34 million in stock options, this year, plus the $20 million salary, he would still be only number eight on the 2012 pay list, $8 million behind what CBS (CBS) head Leslie Moonves brought in. Dimon's 2012 salary didn't even make the AFL-CIO's top 100.
So Dimon took a salary hit, over several years, after taking some highly risky acquisitions during the financial crisis, and now he's getting back some of the money he lost because he's made money for his shareholders.
The bank earned $5.3 billion just last quarter, or $1.30 per share, on revenue of $24.1 billion, and has finally put the past behind it. It has become analysts' favorite bank stock for 2014 and it has been selling at a price above its book value for three months now.
I think that's worth Robinson Cano money. Don't you? Dimon isn't getting a 10-year contract, either.
You may call that beyond shame if you like. But lots of salaries are beyond shame. The Yankees think Cano's deal is beyond shame. But if you want someone who can handle the pressure, who can hit big-league banking pitching, that's what you're going to pay in today's market.
At the time of publication the author had no position in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.