Chase-ing bad banks out of our neighborhood

We already didn’t like Chase because of their deceptive lending practices and their habit of foreclosing on our neighbors in lieu of modifying their mortgages.  Here’s a few more reasons why we’d like to tell Chase to take a hike.   

We like strong communities.  We like seeing our neighbors succeed.  We get happy when we see new faces move down the block and become our new neighbors, our new friends, and their kids play with ours at school and the neighborhood playground.  We also get sad when they have to move away, and when they are forced from their homes and our neighborhoods, we get downright mad.

Fighting mad, as a matter of fact.  NYCC’s been leading the effort to hold banks like JP Morgan Chase accountable for their lending practices.  We also like to remind them that We, the People bailed their overcompensated asses out of the mess they made of our financial system in 2008.  They got $25B of the people’s money, and what did they do with it?  Help out their existing customers?  Loan it to our neighborhood businesses?  Nope.  They went on a spending spree.

So yeah us NYCC’ers have been leading the effort to get Chase to change their ways.  Barring that, we’re encouraging members, public officials, pension funds, etc to pull their money from Chase.  As a matter of fact, NYC Councilman Jumaane D Williams recently joined with NYCC members in pulling his money from Chase.  Which is awesome.

And, as if those weren’t enough reasons to not do business with Chase, here’s a few more:

  • Remember Enron?  We do.  Chase helped finance Enron’s financial shenanigans, and when this finally fell apart had to cough up $2B in fines and settlements to get themselves out of that mess.
  • How about WorldCom?  Chase underwrote bonds for that financial house of cards, and when it all came tumbling down, was on the hook for another $2B.
  • How about Bernie Madoff?  Chase knew back in 2006 that Madoff was running a Ponzi scheme, but hey having the moral courage to stand up for their client’s interest is hard when they’re “earning” around $900M in prefax fees and charges.
  • See all those images on the news where Libyans are fighting in the streets for the rights we take for granted here in America?  The ones where Gadaffi’s goons are using tanks and planes to crush the will of the people?  When President Obama recently froze Gadaffi’s overseas billions, guess who was Gadhaffi’s private banker of choice?  Go ahead, guess… we’ll wait.
  • Have a family member or know someone who’s served in the Armed Services?  Then you know there are laws in place to protect a service member’s financial interests when they’re deployed overseas.  Hard as it is to find a bank branch in East New York, try finding one in Basra or Kandahar.  Anyway, those rules about giving a serving soldier, sailor, airman, or marine a break?  Think Chase follows those rules?  Think again.

Hey, at least Chase is consistent in always being on the wrong side of an issue.

Let’s say the corner market underpaid their workers, broke health and safety rules, and had a history of treating their customers with contempt.  Would you give them your business?

Neither would we.

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