When one is the chief executive of a bank or otherwise important person whose skills are in high demand, he or she needs to be available to pick up and move out of state at a moment's notice, whether or not the the house is sold or the water is still running. This hasn't posed a problem in time's past, what with the most magnificent housing bubble the world had ever seen, but with the market having its teeth kicked in and left naked and bound in an alleyway with the words "Big Al" was here written in Sharpie across its chest, thing have been slightly more difficult of late. Tim Geithner, for instance, hasn't been able to sell his Westchester house since taking the job of Treausury Secretary, despite cutting the price and retiling the bathroom, ultimately being forced to rent it out by the hour. Jamie Dimon too went through a similar problem unloading his Chicago home (where he lived as CEO of Bank One and held on to til his daughters graduated high school), despite fantastic art gracing the walls. Luckily for JD, the long wait is over. He reportedly sold his manse for $6.8 million (after having bought it for $4.7 million) and JPMorgan apparently picked up the relator tab.
JPMorgan covered $421,458 in real estate commissions and related costs in selling Dimon's Gold Coast mansion. In the company's proxy, it said the payment of commissions, appraisals, inspections, title search and other ordinary costs of selling a home was “in accordance with the firm's general policy on relocation expenses, applicable to all eligible employees who relocate at the request of the firm.”
Meanwhile, Geithner has to take calls during meetings with the Chinese that the toilet is clogged again and he needs to fix it; don't even get him started on the fact that even though the lease agreement prohibits smoking, he sees that damn hookah out every time he stops by.