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)
policymic.com
The U.S. Is Finally Holding Banks Responsible for the Financial Crisis

The Justice Department is widening its investigation of the subprime mortgage crisis — and they are paying for it with a fittingly ironic source.

Last November, JPMorgan Chase agreed to pay $13 billion in a global settlement over issuing mortgage-backed bonds before the financial crisis. While $4 billion of that will go to the Federal Housing Finance Agency to resolve claims, U.S. attorneys are now hoping to use some of the money to speed up prosecution of other lenders.

Now that’s karma.

Read moreFollow policymic

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. 

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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

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