Archive for JPMorgan Chase

JPMorgan/Chase Changes Name To Morality Bank & Trust Co.



Well it’s about time. Major banks have been taking a hit for while now over their ethically immoral banking practices. So to combat those accusations, JPMorgan/Chase has implemented a new set of standards.  They are going to uphold the moral highground of their charter and no longer accept questionable or unsavory behavior. In essence they’re going to become a branch office of the “moral police.”

How laudable is that?  According to Raw Story:

In the latest example of a troubling trend in which companies play the role of law enforcement and moral police, Chase Bank has shut down the personal bank accounts of hundreds of adult entertainers.

Yes, you are reading that correctly. Based on one’s occupation, even one as legal as an adult entertainer, JPMorgan/Chase is taking the high ground and refusing to issue checking accounts, savings accounts, IRAs, grant loans.

Are these people a greater risk of any kind? Are they costing the bank any money? Is their occupation affecting any other people who are banking with JPMorgan/Chase?


So where does JPMorgan/Chase come off refusing services to these people? It’s not like these performers are criminals.

Chase Bank

While on the subject of criminals, take, for instance JP Morgan/Chase's chief executive. This past year, after criminal allegations were levied against him and his bank for illegal trading practices, the financial institution was forced to pay $20 billion in regulatory fines and penalties. If that wasn't bad enough and an obvious admission of guilt, the bank then turned around and paid the CEO, Mr. Dimon, a bonus of $20 million. Was that for his silence about the other crimes they committed or for his great leadership and stewarding of the organization?

To keep things in perspective, you can be a lawbreaker and JPMorgan/Chase will welcome you (Mr. Dimon, I'm talking about you). But if you're an adult entertainment performer, the bank can withhold services on a morals issue.

Who gets to chose? What's next? If an actor is in a mainstream movie that the bank feels is objectionable, can they shut down Matthew McConaughey or Meryl Streep's account? And what about the camera operator, the director, the promoter, even the local video rental store owner? Will they eventually suffer consequences for being associated with an industry that JPMorgan/Chase Bank thinks is immoral?

Maybe when they clean up their own house, they can be making decisions like this. Until then, they don't need to be concerned with assuming the responsibilities as the moral police. There's enough corruption in their own house. They should be just doing their jobs -- and legally -- not costing their customers billions because of their own immoral practices.


What Do You Give The Man Who Cost You Billions? A Raise!



I'm not going to waste time here getting to the point -- if there was ever a question of Wall Street and big financial institution insanity, this is it. I can't wait to hear Elizabeth Warren's take on this:


A year after an embarrassing trading blowup led to millions of dollars being docked from Jamie Dimon’s paycheck, the chairman and chief executive of JPMorgan Chase is getting a raise.

JPMorgan’s board voted this week to increase Mr. Dimon’s annual compensation for 2013, hashing out the pay package after a series of meetings that turned heated at times, according to several executives briefed on the matter. The raise — the details were not made public on Thursday — follows a move by the board last year to slash Mr. Dimon’s compensation by half, to $11.5 million.

Recap time. Chairman and Chief Executive Dimon (in the rough) leads a bank in committing financial malfeasance. His misdeeds are acknowledged in two ways. His salary is halved (to a paltry $11.5 million) in admitting there was wrongdoing on his part in overseeing the company. That makes sense. A firing would make more sense, but perhaps the golden parachute payout would have been more than cutting his salary.

But here's the other part I don't understand. The wrongdoing on CEO Dimon's part led to JPMorgan Chase paying out $20 BILLION in penalties. This isn't chump change or a small fine. These are record amounts.

That being the case, why was there even a discussion about keeping this man on board, regardless of his salary? Certainly keeping him AND RAISING HIS SALARY sends a loud message: CROOKS AND INCOMPETENTS ARE WANTED HERE.

At least there was some debate, but evidently not enough.

The debate pitted a vocal minority of directors who wanted to keep his compensation largely flat, citing the approximately $20 billion in penalties JPMorgan has paid in the last year to federal authorities, against directors who argued that Mr. Dimon should be rewarded for his stewardship of the bank during such a difficult period.

Hello? Difficult period? He caused it! So because of his incompetence and poor judgement, the shareholders and bankers in this institution are rewarding the crook? For sure I'm pulling out of my Chase checking account. Not because my small money will matter when we're talking billions, but I can't justify trusting any company that rewards malfeasance. This truly is a case of the fish does stink from the head, but the supporting body (the board) ain't smelling too good either.


Financing the Destruction of Planet Earth Are the Same Banks That Cratered Our Economy


climate change if were bank would have been saved

Your Daily Dose of BuzzFlash at Truthout, via my pal Mark Karlin:

[T]he same banks that nearly turned America into an economic dust bowl in 2008 are the ones financing the earth-destroying companies that promote toxic climate change like heroin to junkies. [...]

[Rev. Billy] Talen is hopeful that awareness is spreading that the banks too big to fail are failing our planet:

Everyone in the precinct house wanted an explanation of our action. When we said that Chase was financing climate disruption  --  the cops agreed! The thing is... we believe that employees inside the big banks also know this. Most Americans know that the biosphere is dying by human violence, whether it is chemicals, bulldozer blades, or outright population growth. We are all behind this great structure that we cannot surmount; this corporate wall. But we know that the Earth crisis is a kind of cry. The Earth cries out to us -- or through us....We are The Earth's cry as we shout in the banks that finance all that death.

The good reverend of the "church of stop shopping" has a distinct point: "shouting inside a bank about its climate-killing investments is a good thing."

Please read the entire post here.


Who's Asinine?



The Merriam-Webster definition of the word "asinine" is"  "extremely or utterly foolish."

Pretty clear, if you ask me. I'll know something's asinine when I see it. And I have. So has Senator Bernie Sanders from Vermont. And what he's pushing right now is legislation to protect us from continuing to allow asinine behavior on Wall Street. Here's what happened according to a letter sent to me by The Other 98%, a liberal group:

Last year, JPMorgan CEO Jamie Dimon announced his company’s most recent gamble had lost big: $9 BILLION of depositors’ money. Right after leading a crusade against Wall Street reform in Congress that would have guarded against big banks riskiest bets. Dimon’s excuse? “We were stupid.”

But it gets a LOT worse: while that was happening, Jamie Dimon was a member of the New York Federal Reserve Board of Directors, in charge of policing Wall Street - in other words, megabank executives like Dimon are regulating themselves at the Federal Reserve.

Bernie Sanders

Senator Bernie Sanders is introducing legislation that would make it illegal for bankers to regulate themselves. It's plain, simple and only difficult if you let the GOP obfuscate this. Letting Wall Street patrol Wall Street is, as Merriam-Webster would say, asinine. We can do better. A lot better. Let's finally get our financial system in order. From that will come true protections and prosperity. If there's anyone who needs guidance, it's the dictators that run the financial institutions. Stop them. Back Bernie's proposal. Let your Senator and congressman know.

Don't know who to write to: Click here:

These folks work for you, not the other way around. Let them know what you want them to do. They're not smart enough to figure that out -- or haven't you noticed by now?