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View Diary: Save 300,000 Jobs--Boycott Chase [Update] (315 comments)

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  •  I've been a customer of theirs... (13+ / 0-)

    ...for about fifteen years.  Actually, I was first a customer of First National Bank of Chicago, but they got bought out by Chase a few years back.  I kept my account there because I didn't know there were alternatives; I figured just about all banks were equally huge, soulless conglomerates.

    No longer.  A few weeks back, Chase announced there were outsourcing another $400 M in IT work to India - thus betraying the American worker, even as they took bailout money from us.

    I opened an account about ten days ago with a local bank (Liberty Bank for Savings, which does business only in Cook County).  Within another week or two, once I've got all my automatic utility and credit payments switched over to the new account, I'll be walking into my local Chase branch with several printouts of news stories, and departing with a cashier's check for the full balance of my accounts.

    Thus always to traitors.

    Graveyards of Chicago:

    by matthucke on Wed Apr 08, 2009 at 08:11:44 AM PDT

    •  Here's what I gave them (23+ / 0-)

      When I closed out my account:

      I’m closing my Chase accounts because JP Morgan Chase has placed its corporate interests above the jobs and health care of the people of my community, unlike other banks that continue to invest in rebuilding Michigan.

      JP Morgan Chase insists on putting Chrysler into bankruptcy
      On Saturday, the Wall Street Journal reported that JP Morgan is "resisting government pressure to swap" its Chrysler debt for equity in a restructured Chrysler. But if JP Morgan refuses this swap, then Chrysler will be forced into bankruptcy within a month.

      According to the Wall Street Journal, JP Morgan prefers bankruptcy because, "billions of dollars of government debt and the UAW retiree health-care obligation [would] be wiped out before the secured lenders [JP Morgan and other big banks] lose anything." In other words, JP Morgan wants to force Chrysler into bankruptcy so it would get repaid before all other creditors—including Chrysler retirees and US taxpayers.

      JP Morgan Chase has already gotten billions from US taxpayers

      Such cynical economic considerations might be understandable coming from other banks.  But JP Morgan Chase has already received $25 billion in TARP funds from American taxpayers. And the taxpayer bailout of AIG ensured JP Morgan Chase got $.4 billion in its AIG deals paid off at full value.

      With all that taxpayers have already given to JP Morgan Chase, isn’t it time JP Morgan Chase started to give back to the communities it serves?

      JP Morgan Chase’s actions will mean hundreds of thousands lose their jobs and healthcare

      Instead, JP Morgan Chase’s corporate single-mindedness threatens to put 40,000 Chrysler workers in Michigan out of a job, along with 150,000 Chrysler dealer employees and tens of thousand workers at Chrysler’s suppliers.

      And JP Morgan Chase’s insistence that it should jump the line ahead of retirees means hundreds of thousands of retirees may lose healthcare benefits they worked all their lives to earn.

      Michigan’s economy is already in terrible shape. But JP Morgan Chase seems intent on making it much worse.

      I want to invest my money rebuilding Michigan—not bankrupting it

      I want to put my money to work rebuilding Michigan—not sending Michiganders more deeply into bankruptcy. So I’m withdrawing my money from Chase and investing it in a credit union owned by—and helping—Michiganders.

      This is the way democracy ends Not with a bomb But with a gavel -Max Baucus

      by emptywheel on Wed Apr 08, 2009 at 08:18:52 AM PDT

      [ Parent ]

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