The latest mega-bank debacle, JP Morgan Chase’s loss of at least $2 billion within several weeks, is yet another example of the problem with banks deemed too big to fail. The nation’s largest financial firm in terms of assets, JP Morgan has fought important banking regulation while it obviously needed tough regulation to protect investors and the health of our economy. Learn more from the Center for Responsive Politics about the bank’s lobbying sums that are in the top tier of its industry.
Of course, JP Morgan happily took billions of dollars from the government – our tax payer money – when it needed a bailout. And now this?!
Two lawsuits have now been filed inManhattanfederal court against the bank and CEO Jamie Dimon, one by a trust and another by an individual investor.
JP Morgan Chase is one of the mega-banks featured in Green America’s Break Up With Your Mega-Bank Tool Kit – available as a free download at www.BreakUpWithYourMegaBank.org. If you haven’t ended your unhealthy banking relationship with JP Morgan yet – now is the time! Use our website for pointers on ensuring a smooth break-up and for finding a community development bank or credit union whose values you can trust.