Bank of America, Chase Leaving Massachusetts

Wow.

Rueters December 2, 2011

Bank of American and JP Morgan Chase announced today that they would be ceasing all operations in the Commonwealth of Massachusetts effective Jan 1 2012.  Citing a "hostile business climate" the move was both unexpected and unprecedented.  The lawsuit announced yesterday by Massachusetts State Attorney General Martha Coakley was "the final straw" in the banks making their decision to leave the state.  Chase CEO Jamie Dimon was blunt in his statement: "There are 49 other states plus our international operations, so we'll take a hit, but it can be done.  This should serve as fair warning to the other state AG's to get onboard with the Administration and its settlement, or else" He then added "That means you too Schneiderman", a reference to NY Attorney General Eric Schneiderman, who has an active investigation of the banks activities in the mortgage scandals.  

Bank of America CEO Brian Moynihan discussed the ramifications...

"We will pulling our sponsorships of both the New England Patriots and the Boston Red Sox. We will be laying off or transferring to other New England States all of our employees, as well as calling in all loans outstanding to entities and individuals operating within the state of Massachusetts".  Bank customers can utilize our online services but will have to travel to bordering states for in person customer service. Dimon was heard audibly muttering at the same time what was believed to be "Tom Brady should break his goddamn leg on Sunday".