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.
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.