My letter to the Hon. Frank Skartados, Assemblyman (AD 104): Dear Assemblyman, As a member of the banking committee, please read and forward my following statement to Andrew Cuomo, Governor of the State of New York, and Thomas DiNapoli, Comptroller of the State of New York: New York State should divest itself of all holdings with the JP Morgan Chase Bank, and cease to do business with JP Morgan Chase Bank. JP Morgan Chase has done business with enemies of the United States: On August 25, 2011, JP Morgan Chase Bank agreed to a settlement with the Office of Foreign Assets Control of the US Treasury Department for “apparent violations” of 7 laws and executive orders dealing with sanctions against terrorist regimes, and the failure to report such actions, between December 15, 2005 and March 1, 2011. A $88.5 million fine was paid. JP Morgan Chase has paid $8 billion in settlements in the years 2009-2012, and spent $16 billion in legal defense fees during that same period, which means that fully one third of Chases net income has been spent on the cost of cleaning up after its high risk and/or illegal behavior. JP Morgan Chase’s history of criminal activities and financial irresponsibility is too much to list in herein. More than 20 illegal activities, a partial list, are cataloged in a report available online, by Josh Rosner of Graham-Fisher and Co., published March 12, 2013. Standing out is a May 24, 2006 transfer of 32,000 ounces (2,000 lbs) of gold bullion valued at approximately $20,560,000 to the benefit of a bank in Iran. One can only speculate what mayhem and injury has been or will be suffered by Americans because of this transaction. On October 1, 2012, New York State Attorney General Eric Schneiderman filed a lawsuit against JP Morgan Chase for mortgage securities fraud. JP Morgan Chase is actively harming citizens of our state: it has largely failed to comply with the federal Home Affordable Modification Program (HAMP), and is the leader in pushing New York State homeowners into foreclosure. It has started 22,000 foreclosures since the initiation of the HAMP program in 2009. JP Morgan is setting a bad example for other businesses and individuals; JP Morgan’s advertising holds it to be a fine and beneficent institution, working for the good of the community, presumably a good example for other business enterprises and individuals to emulate, when in fact the opposite is true. New York State’s public officials should let it be known that the illegal and irresponsible practices and policies of the JP Morgan Bank are not condoned and will not be tolerated. The illegal and immoral business practices of JP Morgan Bank and other large financial entities are only lightly punished, if at all; this has led to a growing cynicism among the American public that our cherished democratic institutions are but a charade, working only for the benefit of the wealthy and powerful. It is my opinion that the State has a moral obligation to initiate legislation or declare an executive action to divest all state accounts, including state authorities, of all holdings with the JP Morgan Chase Bank, and cease to do business with JP Morgan Chase Bank.
Posted on: Sat, 26 Oct 2013 11:56:45 +0000
Trending Topics
Recently Viewed Topics
© 2015