JPMorgan Chase, the most valuable private bank in the world, made $36.4 billion in 2019, the biggest annual profit of any bank in American history. The news, reported Tuesday, sent the company’s stock up by 2 percent. In the fourth quarter of 2019, the company took in $8.5 billion, also a record, making it the tenth largest publicly traded company in the world, with a market cap of $437 billion.
On Tuesday, October 29 UCLA hosted a conversation between “Pioneers and Visionaries” Jaime Dimon and Eric Schmidt (the former CEO of Google) to celebrate the internet’s 50th anniversary. We disrupted Jaime Dimon because he is no visionary. In fact, he represents the War Economy to a T: he values greed and profit above people and planet. He uses the tried and true method of hoarding egregious wealth while millions suffer by investing in the world’s top weapons manufacturers and companies contributing to the climate crisis.
Two notable things happened on Monday, September 16, 2019. Rates started to spike in the overnight loan (repo) market, reaching a high of 10 percent the next day and forcing the Federal Reserve to step in as a lender of last resort for the first time since the financial crisis. The Fed has had to intervene every business day since then with overnight loans, funneling hundreds of billions of dollars to its primary dealers, while also providing $150 billion in 14-day term loans to unnamed banks.
By Alex Burness for Boulder News - Boulder is holding off, for now, on renewing a contract with JP Morgan Chase, the city's longtime banking provider and a funder of controversial oil pipelines. Meanwhile, environmental advocates are urging Boulder to ditch JP Morgan Chase and create a public bank — an idea that will at least be discussed in concept, according to the mayor. About a year ago, the City Council passed a resolution in support of the Standing Rock Sioux and allies who protested the Dakota Access Pipeline, and in doing so also asked city finance staff to explore possibly severing ties with JP Morgan Chase, Boulder's bank since 2004. After issuing a request for proposals from banks and doing several months of exploration, staff returned in October to report to the council, via a memo, that it did not appear there were any banks both capable of handling the city's significant banking needs and up to the city's ethical standards on fossil fuels and other matters. The recommendation from staff was that Boulder extend the city's relationship with JP Morgan Chase. But the memo containing that recommendation arrived at an awkward time, Mayor Suzanne Jones said, since an election was around the corner. "I imagined that few had had time to read (the memo) and respond," Jones said this week, in an email.
By Staff of RAN - NEW YORK – This morning, activists from Rainforest Action Network (RAN) dropped a 35 ft. banner from the headquarters of JPMorgan Chase to protest the bank’s investments in extreme fossil fuels, particularly tar sands oil. According to a recent report from RAN, JPMorgan Chase is the top U.S. funder of tar sands oil — one of the dirtiest fossil fuels on the planet due to the immense volume of deforestation, environmental impacts and increased greenhouse gas emissions from the point of extraction to refining to burning. Tar sands oil produces 20%more greenhouse gases than conventional oil. As NASA Scientist James Hansen famously said, further expansion of tar sands oil means “game over for the climate.” Despite the disastrous impacts of tar sands oil, JPMorgan Chase is actually ramping up its investments in the sector. The bank has poured nearly $2B into tar sands in the first three quarters of 2017 alone — already a 17% uptick from 2016. This includes funding for pipelines that slice through Indigenous lands, trample on human rights, and threaten clean water. “JPMorgan Chase CEO Jamie Dimon talks a big game when it comes to addressing climate change,” said Tess Geyer, an organizer with Rainforest Action Network.
By Ed Vulliamy for The Guardian - This goes back a long way. The Panamanian state was originally created to function on behalf of the rich and self-seeking of this world – or rather their antecedents in America – when the 20th century was barely born. Panama was created by the United States for purely selfish commercial reasons, right on that historical hinge between the imminent demise of Britain as the great global empire, and the rise of the new American imperium.
In today's America, someone like Fleischmann – an honest person caught for a little while in the wrong place at the wrong time – has to be willing to live through an epic ordeal just to get to the point of being able to open her mouth and tell a truth or two. And when she finally gets there, she still has to risk everything to take that last step. "The assumption they make is that I won't blow up my life to do it," Fleischmann says. "But they're wrong about that." Good for her, and great for her that it's finally out. But the big-picture ending still stings. She hopes otherwise, but the likely final verdict is a Pyrrhic victory. Because after all this activity, all these court actions, all these penalties (both real and abortive), even after a fair amount of noise in the press, the target companies remain more ascendant than ever. The people who stole all those billions are still in place. And the bank is more untouchable than ever.
JPMorgan Chase (JPM) pressured customers to repay debts they did not owe, sold collections agencies rights to credit card accounts that had been extinguished in bankruptcy and tolerated frequent errors by its third-party collections attorneys, according to a lawsuit filed by Mississippi Attorney General Jim Hood on Tuesday. The state's complaint is, despite significant redactions, the most detailed and potentially damning attack so far on JPMorgan Chase's credit card debt collections operation, which the bank has shut down. JPMorgan Chase declined to comment on the Mississippi complaint through a spokesman. The bank ceased filing suits to collect consumer debt in the spring of 2011, following a probe by the U.S. Office of the Comptroller of the Currency into the legitimacy of its collections lawsuits.