JPMorgan Chase

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Elizabeth Warren expertly shuts down Jamie Dimon’s mansplaining 

Elizabeth Warren doesn’t take lip from anyone, especially bankers. Jamie Dimon, the billionaire chairman and CEO of JPMorgan Chase & Co., criticized the Massachusetts Democratic senator Wednesday by questioning her comprehension of the world of finance. Warren fired back with fervor — proving this isn’t her first time dealing with the banks.

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

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

As president, Trump has met with 122 execs whose companies have been fined $90B for breaking the law

  • The president was elected on a platform that promised to “drain the swamp.” A new report offers yet another data point showing Donald Trumpis not sticking to that campaign promise.
  • Since taking office, Trump has met with more than 270 executives, 122 of them from corporations that paid a combined nearly $90 billion in fines to the federal government since 2010, according to analysis by Washington watchdog group Public Citizen.
  • The analysis shows Trump is meeting with some of the leading CEOs in the United States, including Jamie Dimon, chairman and CEO of JPMorgan Chase, accounts for more than $28 billion of the fines. 
  • Leaders of other large banks, including Citigroup and HSBC, that were fined for legal and regulatory violations during the financial crisis have also met with the president. Read more (6/5/17)
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.

nytimes.com
Bailout for Italy’s Oldest Bank Tests Too-Big-to-Fail Rules | Jack Ewing, Gaia Pianigiani, Chad Bray
The health of Monte dei Paschi — as assessed by the European Central Bank — will be the crucial measure to ensure the bailout follows new regulations.
By Jack Ewing, Gaia Pianigiani and Chad Bray

Is Monte dei Paschi’s debt overhang the beginning of a back collapse in the EU?

The central bank said in late December that Monte dei Paschi would need €8.8 billion to plug a shortfall in its capital. The Italian bank lost €3.4 billion last year as it had to set aside more reserves for troubled loans, and it continued to bleed money in the first quarter.

Monte dei Paschi is the first case in which the European Central Bank has exercised its oversight role under new bank bailout rules. The central bank is responsible for determining whether Monte dei Paschi can be saved and how much capital it needs.

If authorities stretch the definition of solvency for a midsize Italian lender, a fraction the size of JPMorgan Chase or Deutsche Bank, the case could raise questions about whether the world was any safer from a really big bank failure.

“This is the first serious test for the European banking union,” said Clemens Fuest, president of the Ifo Institute, an economic research institute in Munich.

“If the bail-in rules are violated without very good reasons,” Mr. Fuest said, “the credibility of the banking union will be damaged.”

Monte dei Paschi declined to comment.

There’s a number of other banks with similar problems, like Banca Popolare di Vicenza and Veneto Banca, and both asked for state aid last month. Germany’s HSH Nordbank is in trouble too. And don’t get started on the state of Greek banks.

Cross your fingers, but this – and the debt overhang in China–are possible dominoes lined up to create another crash.

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.

FX 'Cartel' Traders to Surrender to U.S. in Rigging Case

Three former currency traders in Britain who are accused by U.S. prosecutors of conspiring to manipulate markets have reached an agreement to surrender this summer to American officials and appear in federal court to face the charges.

JPMorgan Chase & Co.’s Richard Usher, Citigroup Inc.’s Rohan Ramchandani and Barclays Plc’s Chris Ashton have agreed to be arraigned this summer in a Manhattan court, according to a Justice Department letter filed Monday.

More from Bloomberg.com: My Lawyers Got Trump to Admit 30 Lies Under Oath

The trio was charged by the U.S. in January with conspiring to rig foreign-exchange markets, using an electronic chat room known as “The Cartel” to share information. The indictment was the culmination of a global investigation into currency-market manipulation that saw seven banks pay about $10 billion in fines to authorities.

A trial would be closely watched by the British finance industry after the U.K. Serious Fraud Office ended its own foreign-exchange investigation in March 2016, citing insufficient evidence for a “realistic” prospect of conviction. The SFO has clashed with the Justice Department in the past over the pursuit of British bankers – most notably when the U.S. started filing charges related to Libor manipulation – but its decision not to pursue the currency case has left the door open for the U.S.

More from Bloomberg.com: U.S. Tech Drop Resumes as Apple Falls; Oil Rises: Markets Wrap

The Justice Department has agreed on bail conditions for the three that will be presented in court at their arraignment. U.S. District Judge Richard Berman ordered an arraignment on July 17.

The case is U.S. v. Usher, 17-cr-00019, U.S. District Court, Southern District of New York (Manhattan).

More from Bloomberg.com

Read FX ‘Cartel’ Traders to Surrender to U.S. in Rigging Case on bloomberg.com

A number of big-name advertisers were conspicuously absent from Megyn Kelly's NBC show

(CNN)
Megyn Kelly aired her interview with right-wing provocateur and conspiracy-monger Alex Jones on Sunday night. And a number of big name advertisers were conspicuously absent from the ad roster of the anchor’s new newsmagazine show.

According to data crunched by TV ad analytics company iSpot.tv, the third episode of Kelly’s show “Sunday Night with Megyn Kelly” featuring Jones carried noticeably fewer national advertisers than the previous two episodes. While the first episode had 39 national advertisers and the second had 36, last night’s controversial episode had only 29. 

Ads for several big-name advertisers, including McDonald’s, Bank of America and Kia, which took the stage and aired national ads during the first two episodes on June 4 and June 11, did not run during the June 18 episode. This follows JPMorgan Chase coming out strongly against the Jones interview last week, asking for its local TV and digital ads to be removed from NBC and anchor Megyn Kelly’s show until after this Sunday’s episode.

“The numbers show that lesser ads were shown against fewer brands, and against the show’s programming last night than the first two episodes,” said Jason Damata, data analyst for iSpot.tv. “This episode was a bit of a third rail, so it is not surprising that fewer brands were willing to take a risk and put their ads there.”

Sunday’s episode also saw a flurry of public-service announcements, including those from the Ad Council and the United States Marine Corps. Three of the show’s commercial breaks led with PSAs, which as Variety reported, typically run as part of time donated by media companies in less desirable ad inventory. Further, NBC itself ran as many as 13 promos for its own programs, according to iSpot.tv, for programs including “Today” and “America’s Got Talent” among others.

With advertising in America becoming a minefield, brands are increasingly getting more wary of the context of where their messaging shows up, irrespective of the medium. Apart from NBC, Fox News lost advertisers after Sean Hannity promoted a conspiracy theory about murdered Democratic National Committee staffer Seth Rich on his show last month. But not everyone chooses to stay away (Henkel, Head & Shoulders and Allegra were a few major brands that ran ads on Sunday), and neither are these boycotts permanent.

“There is no evidence of any brand leaving advertising on NBC,” said Damata. “You can’t be a TV advertiser and abandon NBC, but you do get a say in where your content shows up.”

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More From Business Insider
JPMorgan's Dimon Says China Has Made 'Huge Progress' on Reforms

JPMorgan Chase & Co.’s Chief Executive Officer Jamie Dimon said China has made “huge progress” on market reforms and he would like to increase his firm’s businesses in the nation.

The New York-based JPMorgan is hoping to get a corporate bond license in China and would consider another joint venture in Asia’s biggest economy, Dimon said in an interview with Bloomberg Television’s Stephen Engle in Beijing. As China’s leaders remain on track with financial and trade reforms, Dimon said he sees full yuan convertibility in the next five to 10 years.

Dimon, 61, said in a Bloomberg Television interview last month he remains optimistic about the global economy and the prospects for regulatory reform under U.S. President Donald Trump. He said Japan is growing faster than it has in 15 years, Europe is “doing well,” and that America is “chugging along.”

More from Bloomberg.com: Saudi-led Alliance Moves to Blockade Qatar Over Iran Tensions

In April, JPMorgan beat analysts’ first-quarter profit estimates on better-than-expected trading results and lending margins. Trading revenue rose for a fourth quarter, the longest streak in at least a decade, with a 17 percent advance in fixed income and a surprise increase for equities. “It will be hard to gain” further share in fixed income, Dimon said last month.

More from Bloomberg.com

Read JPMorgan’s Dimon Says China Has Made ‘Huge Progress’ on Reforms on bloomberg.com