JPMorgan Chase

change.org
Pay reparations to descendants of American slaves!

Why we should continue fighting for reparations?

We seek reparations, not only for slavery but also for the injustices inflicted on black people from segregation and lawlessness by white people with no protection of law by the government. Dead slaves have alive oppressed great great great daughters and sons! Reparations isn’t just about money it’s about making repairs also, institutional, social, cultural, mental, psychological etc, repairs of all kinds in order to improve our condition globally. Yes it is wealth transfer but it’s wealth returning to its rightful owners!

The following companies still in existence today that benefited and was involved in the African Slave Trade

Bank of America found that two of its predecessor banks (Boatman Savings Institution and Southern Bank of St. Louis) had ties to slavery and another predecessor (Bank of Metropolis) accepted slaves as collateral on loans.

Aetna, Inc., the United States’ largest health insurer, sold policies in the 1850s that reimbursed slave owners for financial losses when the enslaved Africans they owned died.

JPMorgan Chase recently admitted their company’s links to slavery. “Today, we are reporting that this research found that, between 1831 and 1865, two of our predecessor banks—Citizens Bank and Canal Bank in Louisiana—accepted approximately 13,000 enslaved individuals as collateral on loans and took ownership of approximately 1,250 of them when the plantation owners defaulted on the loans,” the company wrote in a statement.

CSX used slave labor to construct portions of some U.S. rail lines under the political and legal system that was in place more than a century ago. Two enslaved Africans who the company rented were identified as John Henry and Reuben. The record states, “they were to be returned clothed when they arrived to work for the company.”Individual enslaved Africans cost up to $200 –  the equivalent of $3,800 today -  to rent for a season and CSX took full advantage.

AIG completed the purchase of American General Financial Group, a Houston-based insurer that owns U.S. Life Insurance Company. A U.S. Life policy on an enslaved African living in Kentucky was reprinted in a 1935 article about slave insurance in The American Conservationist magazine. AIG says it has “found documentation indicating” U.S. Life insured enslaved Africans.

Wells Fargo – Georgia Railroad & Banking Company and the Bank of Charleston owned or accepted slaves as collateral. They later became part of Wells Fargo by way of Wachovia. (In the 2000s Wells Fargo targeted blacks for predatory lending.)

Where is the money going to? How will these companies do it? Simple, we want these companies to set up two massive banks, an economic development bank on the west coast and an economic development bank on the east coast, so descendants of African slaves can draw that money to get low interest loans or free money to build businesses and industries throughout the United States! Enough is enough. It is time for these companies to be held accountable for their active role in the African Slave Trade.

To Succeed we must be Unified an act Politically and Legally! This is an issue that all people should take a stand for regardless of Race Classification! This is about Justice, Admission of Wrong Doings and Atonement which will truly aid in Racial Reconciliation!

https://www.change.org/p/bank-of-america-pay-reparations-to-descendants-of-american-slaves?recruiter=1637279&utm_source=share_petition&utm_medium=copylink

These are the 37 banks that are funding and supporting DAPL.

Women’s March is calling for people to cancel their accounts and credit lines with these creditors in opposition to their support of harming, oppressing, and stealing from Native Americans.

DAPL BANKS:

Wells Fargo

Citibank (CitiGroup)

JPMorgan Chase

PNC Bank

Goldman Sachs

Morgan Stanley

HSBC Bank

Bank of America

Deutsche Bank

BNP Paribas

SunTrust

The Bank of Tokyo-Mitsubishi UFJ

Mizuho Bank

TD Securities

Credit Agricole

Intesa SanPaolo

ING Bank

Natixis

BayernLB

BBVA Securities

DNB Capital

ICBC London

SMBC Nikko Securities

Societe Generale

Royal Bank of Scotland
ABN Amro Capital

Bank of Nova Scotia (Scotiabank)

Citizens Bank

Comerica Bank

U.S. Bank

Barclays

Compass Bank

Credit Suisse

DNB Capital/ASA

Sumitomo Mitsui Bank

Royal Bank of Canada

UBS

latimes.com
Here's what's at stake as Trump moves to unravel Dodd-Frank
By James Rufus Koren

President Trump signed an executive order Friday that calls for his administration to review the landmark Dodd-Frank Wall Street Reform Act, with an eye toward revising or eliminating parts of the 2010 law.

An administration official told reporters that the law “in many respects was a piece of massive government overreach” and that some of the rules within the law, passed in the wake of last decade’s financial crisis, “may have even been unconstitutional.”


Consumer Financial Protection Bureau

The administration official who previewed Friday’s executive order said the law had, among other things, created “new agencies that don’t actually protect consumers.” That’s a not-so-subtle swipe at the Consumer Financial Protection Bureau, an agency created by the Dodd-Frank act that has been a strict enforcer of consumer protection laws and that has crafted a bevy of new rules that apply to mortgage lenders, banks, credit card companies and other financial firms.

The bureau’s rules have made it less attractive — though not illegal — for mortgage lenders to make some types of risky loans that went bad and sparked last decade’s financial crisis. The bureau also been working on rules that would prevent banks and other financial firms from blocking class-action lawsuits by consumers and would require payday lenders to do more underwriting.

The bureau and its director, Richard Cordray, have been targets of Republican lawmakers, who argue that the bureau has been overly aggressive in enforcing rules and that its power should be crimped. Trump advisor Gary Cohn suggested in an interview with the Wall Street Journal that Trump may seek to replace Cordray, though Cordray’s term doesn’t expire until the middle of next year.


Proprietary trading

Dodd-Frank put limits on the kind of bets banks can make on their own behalf — also called proprietary trading. (Proprietary trades in mortgage-backed securities led to huge losses for banks in the lead-up to the financial crisis.) Under those limits, often referred to as the Volcker Rule after former Federal Reserve Chairman Paul Volcker, banks also are not supposed to make investments in certain riskier asset classes.

The rule was meant to prevent banks from taking too much risk, though it’s been criticized for making it harder for banks to hold certain types of securities that customers might want to buy. JPMorgan Chase chief Jamie Dimon famously criticized the rule, saying regulators would need a psychiatrist to help determine whether a trade was proprietary.

(Continue Reading)

The CEOs of Apple, Microsoft, Tesla, Intel, GE ... asking Trump to stay in Paris Climate Deal

The CEOs of more than 30 company including Tech giants, Apple, Tesla, Intel, Microsoft, have been trying hard to influence the US president decision, hoping to make him stay in the climate change deal.

A television ad cites 10 of “America’s biggest CEOs,” including JPMorgan Chase & Co.’s Jamie Dimon and General Electric Co.’s Jeffrey Immelt, as backing the climate pact “because it will benefit American manufacturing and generate jobs.

Twenty-five other companies, including Intel Corp., Microsoft Corp. and PG&E Corp., have signed on to a letter set to run as a full-page advertisement in the New York Times and Wall Street Journal on Thursday arguing in favor of the climate pact.

And Elon Musk, said he would drop from the tech council for the US government if Trump drop from the climate change Paris deal.

Do people not realize Africa was rich just by existing? Diamonds, gold, silver, copper, salt, cocoa–and the list goes on. The continent was robbed by countries poorer than them so that their greedy asses could make millions and leave Africa to be treated like all it ever was since the beginning of time is flies, disease, starvation, and poverty.

Slavery alone, the exploitation of free labor, turned the United States into an economic force. I’m not talking about the indentured servitude of the Irish, or whatever moment in time you wish to denigrate the topic of this specific atrocity relevant to the black experience with by using another atrocity, because its only purpose would be to spew anti-black commentary instead of empathy. I’m talking about one thing here: the diaspora and enslavement of black bodies that provided the narrative for the continued discrimination against them today, as a race. The belief that black lives could be bought, sold, and mistreated like property turned into an enterprise that could be invested in, and I’m not referring to the actions of just slaveowners in the south, no. I’m talking WALL STREET. JPMorgan Chase, Brooks Brothers, Aetna, Wells Fargo… huge corporations that flourished off of the sweat and blood of many. Also, let’s not forget the ivy league schools whose students came from wealthy slave-owning families, paying for their tuition with the profit garnered from slave labor. That means Harvard, that means Princeton, Yale, Dartmouth, Brown, Columbia…universities where the demographics are still predominantly white males.

This country (and specifically just this country, we’re not even talking about England, Spain, France, Netherlands, and Portugal’s paper trail) has seen trillions of dollars generated from slavery–plus interest–and not a penny returned. That means that money has only begot more money. It’s not gone. It’s not a thing of the past. It shaped this country into what it is now and so many whites (god bless the knowledgeable ones) act as if black people are supposed to see it as a good thing while simultaneously being told we should just “go back to Africa”, to the lands that have been ravaged by their forefathers, since we’re not always pleased with our environment. 

Those of us who are conscious of what went on and what’s still going on are not just crying over spilt milk. This shit goes too deep for that. And the worst part is, the only way to completely wipe the slate clean of the atrocities that POC in general have faced at the hands of European colonization is to wipe the face of the earth clean, then start over. But nobody wants to touch on the basis of these things. Not even in Jenga. It’s much easier to just keep going skyward because the consequence of getting too close to the foundation is watching everything you built come crashing down.

FBI is investigating US companies who fight back against hackers

In another case of the Federal Government running things exactly backwards of how they should be, instead of empowering companies who fall victim to hackers to fight back, the FBI is actually launching criminal investigations into those firms that don’t just roll over and take it.

from Bloomberg:

U.S. officials have shown little appetite to intervene as banks, retailers, casinos, power companies and manufacturers have been targeted by foreign-based hackers. Private-sector companies doing business in the U.S. have few clear options for striking back on their own.

That has led a growing number of companies to push the limits of existing law to consider ways to break into hackers’ networks to retrieve stolen data or even knock computers offline to stop attacks, the cybersecurity professionals said in interviews. Some companies are enlisting cybersecurity firms, many with military or government security ties, to walk them through options for disrupting hacker operations or peering into foreign networks to find out what intellectual property hackers may have stolen.

In one case, the Federal Bureau of Investigation is looking into whether hackers working on behalf of any U.S. financial institutions disabled servers that were being used by Iran to attack the websites of major banks last year, said two people familiar with the investigation. JPMorgan Chase & Co. advocated such a move in a closed meeting in February 2013, these people said. A bank spokeswoman said no action was ever taken. Federal investigators are still trying to determine who was responsible, the people said.

[…]

In the U.S., companies are prohibited by the 30-year-old Computer Fraud and Abuse Act from gaining unauthorized access to computers or overloading them with digital demands, even to stop an ongoing attack.

The act exempts intelligence and law-enforcement activities, allowing the government to respond more aggressively than private-sector firms. There’s little indication, though, that military and intelligence agencies have used their most powerful tools to shut down attacks on businesses, as the U.S. has attempted to address foreign-based hacking through diplomacy and the courts.

read the rest

How ridiculous can you get?  Hacking costs the US economy an estimated $575 billion each year, and the Federal government is demanding that US businesses fight with both hands tied behind their backs. 

The Trust Destroyers

Donald Trump’s warning that he might not accept the results of the presidential election exemplifies his approach to everything: Do whatever it takes to win, even if that means undermining the integrity of the entire system.

Trump isn’t alone. The same approach underlies Senator John McCain’s recent warning that Senate Republicans will unite against any Supreme Court nominee Hillary Clinton might put up, if she becomes president. 

The Republican Party as a whole has embraced this philosophy for more than two decades. After Newt Gingrich took over as Speaker of the House in 1995, compromise was replaced by brinksmanship, and normal legislative maneuvering was supplanted by threats to close down the government – which occurred at the end of that year.

Like Trump, Gingrich did whatever it took to win, regardless of the consequences. In 1996, during the debates over welfare reform, he racially stereotyped African-Americans. In 2010 he fueled the birther movement by saying President Obama exhibited “Kenyan, anticolonial behavior.” Two years later, in his unsuccessful bid for the Republican presidential nomination, he called President Obama the “food stamp president.“

As political observers Norman Ornstein of the American Enterprise Institute and Thomas Mann of Brookings have noted, “the forces Mr. Gingrich unleashed destroyed whatever comity existed across party lines.” Gingrich’s Republican Party became “ideologically extreme; scornful of compromise; unmoved by conventional understanding of facts, evidence and science; and dismissive of the legitimacy of its political opposition.”

In truth, it’s not just Republicans and not just relationships between the two major parties that have suffered from the prevailing ethos. During this year’s Democratic primaries, former Democratic National Committee chair Debbie Wasserman-Schultz and her staff showed disdain for the integrity of the political process by discussing ways to derail Bernie Sanders’s campaign, according to hacked emails.

The same ethos is taking over the private sector. When they pushed employees to open new accounts, Wells Fargo CEO John Strumpf and his management team chose to win regardless of the long-term consequences of their strategy. The scheme seemed to work, at least in the short term. Strumpf and his colleagues made a bundle.

Mylan Pharmaceuticals CEO Heather Bresch didn’t worry about the larger consequences of jacking up the cost of life-saving EpiPens from $100 for a two-pack to $608, because it made her and her team lots of money.  

Martin Shkreli, former CEO of Turin Pharmaceuticals, didn’t worry about the consequences of price-gouging customers. Called before Congress to explain, he invoked the Fifth Amendment, then tweeted that the lawmakers who questioned his tactics were “imbeciles.”

A decade ago, Wall Street’s leading bankers didn’t worry about the consequences of their actions for the integrity of the American financial system. They encouraged predatory mortgage lending by bundling risky mortgages with other securities and then selling them to unwary investors because it made them a boatload of money, and knew they were too big to fail.

Even when some of these trust-destroyers get nailed with fines or penalties, or public rebuke, they don’t bear the larger costs of undermining public trust. So they continue racing to the bottom.

Some bankers who presided over the Wall Street debacle, such as Jamie Dimon of JPMorgan Chase, remain at the helm – and are trying to water down regulations designed to stop them from putting the economy at risk again.

Meanwhile, according to the New York Times, Newt Gingrich is positioning himself to be the politician best able to mobilize Trump supporters going forward.

“I don’t defend him [Trump] when he wanders off,” Gingrich recently told ABC News. But “there’s a big Trump and there’s a little Trump,” he said, explaining that the “big Trump” is the one who has created issues that make “the establishment” very uncomfortable. “The big Trump,” he said, “is a historic figure.”

By stretching the boundaries of what’s acceptable, all the people I’ve mentioned – and too many others just like them – have undermined prevailing norms and weakened the tacit rules of the game.

The net result has been a vicious cycle of public distrust. Our economic and political systems appear to be rigged, because, to an increasing extent, they are. Which makes the public ever more cynical – and, ironically, more willing to believe half-baked conspiracy theories such as Trump’s bizarre claim that the upcoming election is rigged.

Leadership of our nation’s major institutions is not just about winning. It’s also about making these institutions stronger and more trustworthy.

In recent years we have witnessed a massive failure of such leadership. Donald Trump is only the latest and most extreme example.

The cumulative damage of today’s ethos of doing whatever it takes to win, even at the cost of undermining the integrity of our system, is incalculable.

4

Argentine Default                                         

Argentina’s dollar bonds sank after the country missed a payment on $13 billion of its debt as JPMorgan Chase & Co. and other banks sought a deal that would allow the country to resume servicing its securities.

A group of international investment banks met with Elliott Management Corp. and other so-called holdout creditors to buy the securities they hold from the country’s 2001 default, according to a bank official familiar with the matter, who asked not to be identified because the information is private.

The official said talks would continue. Buenos Aires-based newspaper Ambito reported that a deal on the amount was reached.The nation missed a deadline yesterday to pay $539 million in interest after two days of negotiations in New York failed to produce a settlement with Elliott and other hedge funds that won a court order for full repayment on the securities they own. The ruling prevents Argentina from servicing its debt until the holdouts settle or are paid the $1.5 billion judgment.

Photographers: Diego Levy, Peter Foley/Bloomberg

© 2014 Bloomberg Finance LP

nyti.ms
NYTimes: 5 Big Banks to Pay Billions and Plead Guilty in Currency and Interest Rate Cases

“The Justice Department forced four of the banks — Citigroup, JPMorgan Chase, Barclays, and the Royal Bank of Scotland — to plead guilty to antitrust violations in the foreign exchange market as part of a scheme that padded the banks’ profits and enriched the traders who carried out the plot. The traders were supposed to be competitors, but much like companies that rigged the price of vitamins and automotive parts, they colluded to manipulate the largest and yet least regulated market in the financial world, where some $5 trillion changes hands every day.”

The system is rigged. End of story. This is the banks’ business model. They just got caught.

Disappointing Bank Results Push Q4 Financials Profit Growth to -2.5%

After disappointing results from many of the banks, with estimates for those that have yet to report continually dropping, and volatile oil prices causing downward revisions in the energy sector, S&P 500 expected growth has dropped significantly to 6.0%, from 8.0% earlier in the week.

Worse than expected results from the likes of JPMorgan Chase and Citigroup, and subsequent revisions to Goldman Sachs (reporting tomorrow) and to a lesser degree Morgan Stanley (reporting Tuesday) have caused the expected growth rate for financials to plunge. At the beginning of the season, estimated EPS growth for financials was around the 5% mark, the sector is now anticipated to post a decline of 2.4%. The main culprit is the banking industry, now pegged to come in at -5.0%, down from 3.0% earlier the quarter.

The energy sector has also fallen dramatically. At the start of the year profit growth was expected to come in at -10%, that number has since been revised downward to -17.5%.

After a day marked with dismal earnings and unfortunate economic data from the Philly Fed and jobless claims, we’re hoping for this afternoon’s Intel report to be a bit of a bright spot. The semiconductor company is expected to post EPS of $0.67, which would denote a 31% increase YoY, and revenues of $14.7B suggesting growth of 6.6%.

How are we doing?

Expectations for S&P 500 earnings growth for the fourth quarter stand at 6.0%. Revenues are anticipated to come in with 1.4% growth.

External image


Leaders

Earnings:

 Health Care (22.1%). Notable industry: Biotechnology (60.2%)

Telecommunication Services (19.7%).

Information Technology (11.5%). Notable industry: Semiconductors (29.6%)

Revenues:

Health Care (7.9%). Notable industry: Biotech (37.3%).

Information Technology (7.5%). Notable industry: Semiconductors (15.0%)

 

Laggards

Earnings:

Energy (-17.5%). Notable industry: Oil, Gas and Consumable Fuels (-19.0%)

Materials (-2.8%). Notable industry: Metals & Mining (-6.7%)

Financials (-2.4%). Notable industry: Banks (-5.0%)

Revenues:

Energy (-13.1%). Notable industry: Oil, Gas and Consumable Fuels (­-15.4%).

Materials (-1.1%). Notable industry: Paper & Forest Products (­-17.9%).

 

Beat/Miss/Match

Earnings: With 30 S&P 500 companies reporting thus far, 52% have beaten the Estimize consensus, 35% have missed and 13% have met. This is compared to Wall Street estimates, of which 67% of companies have beat on the bottom­-line, 17% have missed and 16% have met.

Revenue: 57% have beaten the Estimize consensus, while 43% have missed. For revenues, 63% of companies have beat the Wall Street estimate, while 37% have missed.

External image







The attack at JPMorgan Chase affected the data of 76 million households and 7 million businesses, the bank said in a regulatory filing on Thursday.

That impact was far bigger than earlier estimates that about 1 million customers had been affected, the New York Times noted. It represents more than half of the roughly 115 million households in America.

Hackers attacked the bank’s computer systems periodically between mid-June and mid-August, according to The Wall Street Journal. The attackers accessed customer names, email addresses, phone numbers and physical addresses, along with “internal JPMorgan Chase information relating to such users,” the bank said in its regulatory filing. The bank didn’t describe what sort of information that was.

Source

So JP Morgan, Target, Home Depot etc

HACKERS CAN YOU PLEASE TARGET SALLIE MAE AND GREAT LAKES LOANS??!?!?!?

PLEASE

JPMorgan Chase investing $100 million in Detroit

Detroit Free Press: America’s biggest bank, JPMorgan Chase, plans to announce Wednesday a $100 million investment in Detroit over the next five years.

The money will go toward job training, home loans and other redevelopment efforts in the struggling city.

Photo: J. Kyle Keener / Detroit Free Press

reuters.com
A harbinger? JPMorgan will stop giving out student loans starting next month.

JPMorgan, which already restricted student loans to existing Chase bank customers, will stop accepting applications for private student loans on October 12, at the end of the peak borrowing season for this school year, according to a memo from the company to colleges that was reviewed by Reuters on Thursday. Final loan disbursements are expected before March 15, 2014.

“We just don’t see this as a market that we can significantly grow,” said Thasunda Duckett, chief executive for auto and student loans at Chase, in an interview.

Not making more loans “puts us in a position to redeploy those resources, as well as focus on our No. 1 priority, which is getting the regulatory control environment strengthened,” Duckett said.

One interesting stat from this piece: The federal government currently hands out 93 percent of student loans. (That said, private loans like these are still useful for students that have tapped out their limits on student loans from the federal government.) Anyway, it’s not clear if there’s deeper meaning here, but that hasn’t stopped some from looking—CNBC notes that before the 2008 financial crisis hit, some of the largest companies offering up unsustainable subprime mortgages dropped out of their business for similarly boring-sounding reasons.

Using the right tone with customers is not a ‘set it and forget it’ model.
— 

-Bianca Buckridee, VP social media operations, JP Morgan Chase

Challenges to customer service through social media abound.Teams require continuous coaching and training, for example. A funny response, Buckridee notes, might get many retweets, but reps have to understand that the recipient may not appreciate the humor. It’s a good practice for team members to look at a customer’s Facebook page, timeline or Pinterest board before crafting a response. “We strive to make it look real-time, but we’re really doing a ton of research in the back.”

Despite the challenges, “social care” is a big opportunity. Customers can go to Chase’s Twitter page and actually see the individual they are engaged with. Says Buckridee: “We have customers returning to the channel saying, ‘Hey, let me know when Theo gets in,’ or ‘I want to talk to Danni; she knows exactly where I’m at and what I’m going through.’”

What’s more, Chase has a customer service team that crosses its lines of business. Customers can tweet one handle and get help for a retail account, a credit card, a mortgage, an auto loan, a student loan, investment questions. 

The Ignored Side of Social Media: Customer Service » Knowledge@Wharton