Tuesday, April 07, 2009

Hit'em Where It Hurts - Support The Chase Boycott!

I wish I had a Chase bank account, just so I could go in there today and close it, much in the same manner as Emptywheel, over on Firedoglake.

Save American Jobs: Close Your Chase Account

Here's how I explained to the Chase people why we were closing our accounts.

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

Mr. and Mrs. Emptywheel, after withdrawing their stash from Chase, "put that money into a credit union that's supporting Michigan, not trying to bankrupt it."

Bob Fertik agrees:
Excellent idea. But could we take this idea one step further? What if we all took our money out of Big Banks and moved it into a "Blue Bank"?

Obviously we're a pretty large group: 70 million of us voted for Barack Obama. We may not be rich, but if we each deposited $1,000 that would be $70 billion.

If we wanted to start from scratch, we could start a new credit union (assuming we could qualify as an "Association") or a bank. But why jump through all the startup hoops? If we collected deposit pledges worth a decent amount ($10 million?), we could negotiate with existing smaller banks to find one "worthy" of our collective funds.


This idea has many precedents, both in the U.S. and abroad. Perhaps the most famous is Amalgamated Bank, founded in 1923 by the Amalgamated Clothing Workers of America, which is a commercial bank chartered in New York with nationwide service ...
Maybe, JP Morgan Chase, if they do this callous, cowardly, self-centered, "Me First" action, can hire Joe Pesci to do some new ads for them, to explain it all;

"Always the dollars ... Always the fuckin' dollars. ..."

Bonus Wall Street Meltdown Riffs

This Didn't Make The 11PM News ...

Top Ten Cloves: Things About Citigroup Keeping Stadium Sponsorship After Getting Government Bailout

Rich on Ruben: "The Citi may never sleep, but he snored ..."

In A Nutshell ...

We're All In The Dance

Breaking! ... Obama Takes Action, Siezes AIG's March Madness Office Pools and Brackets

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