Occupiers Convince City Of Buffalo To Ditch JPMorgan Chase
f you only paid attention to the mainstream media, you might think that the Occupy Wall Street movement in America was dead and gone, but if you know where to look, there are signs that the global uprising inspired regular people to re-involve themselves in their communities, holding local leaders and institutions accountable for their actions.
Just ask members of Occupy Buffalo in upstate New York. Following concerns raised by members of the movement, the City’s Comptroller recently announced that the city would be pulling $45 million in funds from an account with JPMorgan Chase.
In late 2011, JPMorgan Chase was one of five major banks accused of a myriad of financial negligence, from robo-signing documents and writing loans and modifications they knew their clients could not afford to foreclosing on mortgages they didn’t even own.
One former banker from JPMorgan Chase, James Theckston, admitted to columnist Nicholas Kristof that banks were well aware that what they were doing was fraud, but assumed that they would never be held responsible for it in the end. “On the application, you don’t put down a job; you don’t show income; you don’t show assets. But you still got a nod. If you had some old bag lady walking down the street and she had a decent credit score, she got a loan…The bigwigs of the corporations knew this, but they figured we’re going to make billions out of it, so who cares? The government is going to bail us out. And the problem loans will be out of here, maybe even overseas.”
Read more: http://www.care2.com/causes/occupiers-convince-city-of-buffalo-to-ditch-jpmorgan-chase.html#ixzz1wf0trX1F
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