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KATIE PORTER: Any ideas?

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JAMIE DIMON: Nope.

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[MUSIC PLAYING]

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KATIE PORTER: You run
a $2.6 trillion bank.

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I know you're good at
numbers, and you've

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shared lots of opinions
recently about how the US should

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budget its resources,
how a family

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should budget their resources.

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I read your 50-page
shareholder letter,

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and so I'd like to ask for
your help on a problem.

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I went to Monster.com,
and I found a job

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in my hometown of
Irvine at JPMorgan

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Chase that pays $16.50 an hour.

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And so I wondered if I could--

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if you'd indulge me, would
you do the math on this?

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And you do the $16.50 hour--

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40 hours a week for
52 weeks a year.

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It comes out to an
income of $35,070.

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Now, this bank teller,
her name is Patricia.

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She has one child
who's six years old.

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She claims the one dependent.

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After tax, she has $29,100.

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She had $2,425 a month.

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She rents a
one-bedroom apartment.

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She and her daughter sleep
together in the same room.

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In Irvine, California, that
average one-bedroom apartment

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is going to be $1,600.

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She spends $100 on utilities.

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Take away the $1,700,
and she has net $725.

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She's like me.

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She drives a 2008
minivan and has gas--

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$400 for a car, expenses,
and gas, net $325.

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The Department of Agriculture
says a low-cost food budget--

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that is ramen noodles--

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a low food budget is $400.

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That leaves her $77 in the red.

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She has a Cricket cell
phone, the cheapest cell

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phone she can get, for $40.

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She's in the red $117 a month.

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She has after-school child
care because the bank is open

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during normal business hours.

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That's $450 a month.

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That takes her down to
negative $567 per month.

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My question for you, Mr.
Dimon, is, how should she

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manage this budget
shortfall while she's

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working full-time at your bank?

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JAMIE DIMON: I--

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I don't know that all
your numbers are accurate.

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That number is a start--
is generally a starter job.

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KATIE PORTER: She is
a starting employee.

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She has a six-year-old child.

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This is her first job.

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JAMIE DIMON: And you can get
those jobs out of high school,

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and she may have my job one day.

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So--

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KATIE PORTER: She may.

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But Mr. Dimon, she doesn't
have the ability right now

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to spend your $31 million.

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JAMIE DIMON: I'm
totally sympathetic.

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KATIE PORTER: She's short $567.

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What would you suggest she do?

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JAMIE DIMON: I-- I don't know.

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I have to think about that.

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KATIE PORTER:
Would you recommend

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that she take out a
JPMorgan Chase credit card

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and run a deficit?

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JAMIE DIMON: I don't know.

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I'd have to think about it.

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KATIE PORTER:
Would you recommend

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that she overdraft at your bank
and be charged overdraft fees?

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JAMIE DIMON: I don't know.

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I'd have to think about it.

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KATIE PORTER: So I know
you have a lot of--

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JAMIE DIMON: I'd love
to call up and have

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a conversation about
her financial affairs

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and see if we can be helpful.

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KATIE PORTER: See if you
can find a way for her

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to live on less than the
minimum that I've described?

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JAMIE DIMON: Just be helpful.

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KATIE PORTER: Well, I appreciate
your desire to be helpful.

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But what I'd like you to do
is provide a way for families

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to make ends meet so that little
kids who are six years old,

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living in a one bedroom
apartment with their mother,

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aren't going hungry at
night because they're

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$567 short from feeding
themselves, clothing them.

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We allowed no
money for clothing.

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We allowed no money
for school lunches.

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We allowed no money for
field trips, no money

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for medical, no money for
prescription drugs, nothing.

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And she's short $567 already.

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Mr. Dimon, you know how to spend
$31 million a year in salary,

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and you can't figure out how
to make up a $567 a month

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shortfall.

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This is a budget problem
you cannot solve.

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JAMIE DIMON: With us, she
does get full medical.

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We pay 90% of it, and we
also give people making--

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KATIE PORTER: No deductible?

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JAMIE DIMON: There's a
deductible, but for people

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doing their wellness
programs, OK?

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We give the people making under
$60,000 a year a $750 account.

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KATIE PORTER: Correct.

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JAMIE DIMON: And, effectively,
they have no deductible.

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KATIE PORTER: That's why I
didn't put any medical in,

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Mr. Dimon.

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I read that in your
shareholder report.

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That's why I didn't include
any medical expenses.

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But she's still short $567,
as are all of your employees

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in Irvine, California.

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Any ideas?

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JAMIE DIMON: Nope.

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[MUSIC PLAYING]

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