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Mark Cuban says he has the solution to growing income inequality, and it's to reward every employee—from CEO to janitor—with company stock

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JPMorgan’s old pickup line

By
Colin Barr
Colin Barr
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By
Colin Barr
Colin Barr
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May 5, 2010, 8:58 PM ET
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The giant lender shows it cares by donating a single six-year-old truck to a Haiti relief effort.

Talk about reaching down deep.

JPMorgan Chase , the giant lender that paid $9 billion in bonuses last year, sent out a press release Wednesday to alert the media to its support for relief efforts in Haiti. The firm and its workers have committed $2.75 million in humanitarian aid, Chase said, including $1 million in matches of employee contributions.

That’s admirable. But Chase, which posted $3.3 billion in profits in the first quarter, isn’t just giving money. It’s also donating a truck to back the “100 Trucks for Haiti” campaign being run by the William J. Clinton Foundation.



Source: Edmunds.com

The National Automobile Dealers Association started the program because supply deliveries have been limited by a lack of trucks, Chase said. “Pickup trucks are especially helpful because they often can navigate ruined streets and highways better than cars can,” it said.

So what kind of truck is Chase donating? Oh, it’s a keeper. It’s a 2004 GMC Sierra 1500 SLE. It’s probably worth something between $9,000 and $15,000, according to Edmunds.com.

To put that in perspective, consider that CEO Jamie Dimon made something like $64,000 every working day last year, based on the $16 million stock bonus he received.

So the cash for Haiti is definitely nice. But don’t fall for JPMorgan’s old pickup line.

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