If you are still a Chase Bank customer you ought to know that your bank’s President Jamie Dimon oversaw a huge loss of $2 billion dollars due to risky trade(s).
Jamie Dimon the wizard of Wall Street Trading, who was only weeks before again scoffing at new legislation designed to regulate such risky trades was forced to eat crow this week.
Chase Bank today announced that three individuals will be losing their jobs. Though he directly oversaw these operations it is highly likely that Jamie won’t be tendering his resignation.
I suspect this is not the tempest in the teapot that Jamie Dimon referred to and we will likely be seeing more fallout from this most recent event in the next few weeks or months.
Why would a big bank be against operating to benefit it’s customers? If recent actions to kill the remaining Dodd-Frank Act are any indication it is because the banks don’t care about the consumer.
This from the article:
“The country’s commercial banks—think JPMorgan Chase, Bank of America, and Wells Fargo—collectively spent $61.5 million on lobbying efforts in 2011, up from $56.6 million on lobbying efforts in 2010. The country’s biggest investment houses (Goldman Sachs, Morgan Stanley, and private-equity firms like Blackstone Group) spent even more than the banks, writing checks for $98 million in 2011. All told, the commercial banks and investment houses had 1,200 lobbyists in their employ last year.”
After other states hinted at the legal action they may take, New York steps forward and brings a suit against Chase Bank for illegal foreclosures in their state.
This from the news story:
“The state is suing JPMorgan Chase, Bank of America and Wells Fargo, along with Virginia-based MERSCORP, which it called a “shell company” set up by the banks to process home loans they made but which became a dumping ground for poorly documented and mishandled mortgage records.
Attorney General Eric Schneiderman said that MERSCORP was used to run an unregulated, private national mortgage registry system, “MERS”, which the banks used to speed up the processing and resale of mortgages during the housing bubble while avoiding the use of the public registry.”
Chase Bank has been in the news alot this past year, but so have many of the big banks. What makes Chase Bank different?
Well, for one, they seem to be the last to bow to consumer demands. This newest story comes from Change.org.
“Helen and her attorney have struggled to find any solution that would stop Chase’s drive to foreclose. When Helen asked to modify her high-interest loan, Chase refused. When Helen found another lender who’d buy the home for just $9,000 less than what Chase said the home was worth, letting her live there for free, Chase refused. When Helen found someone else who’d buy her home and let Helen rent it, Chase refused again.
This isn’t an isolated incident. A former Chase banker — James Theckston — told Nick Kristof of the New York Times that his bank repeatedly pushed dangerous subprime mortgage loans on minority borrowers, then tried to cover up the racial disparity. Now, 25% of all minority borrowers are in foreclosure or deeply behind on payments. It’s a crisis.”
Read the rest of this story by clicking here and sign the petition while you are there.
For tips on ‘how you sip, not gulp champagne’ as a highly paid banker in a tough economy look to none-other than JPMorgan Chase CEO Jamie Dimon who was again recently visiting the northwest where Mr. Dimon was a keynote speaker at an awards ceremony for the University of Washington’s Foster School of Business:
The question has been already posed by a number of news outlets as to the driving force behind the OWS protests. Some ask the question “Is it really just about the jobs?” (or lack thereof).
The short answer is no. Each protester, each individual who is now making their voice heard has their own perspective on why, but one common theme is clearly evident. Wall Street and the 1% has not stepped up to the plate. The disconnect between middle class America and the ’1%’ has reached a tipping point.
I read an excellent article by Ryan Dube which can be found by clicking here that summarizes why we should hold the big banks accountable and why now.
Peter Chase the CEO of Chase Bank, received 2.66 million in compensation, in a year when many Americans lost their jobs or home. Seriously, our taxpayer bailout helped pave the way for record salaries and bonuses for the financial sector. The banks (some) may have paid back the bailout but don’t be fooled, it was paid back with your money through shim-sham fee structures, conceived penalties and a general disregard for their banking customers and the American consumer at every level.
About a dozen people rallied outside of the Chase Bank on 5th Avenue in Huntington Friday in the firs of what’s being called “Occupy Huntington” protests.
