Rally to Remind Residents that Chase is Bad for Rochester!

Band of Rebels Rallies at JPMorgan Chase Bank:
City of Rochester Should Divest from Chase!
What: Rally to Remind Residents that Chase is Bad for Rochester!
Where: JPMorgan Chase Bank, 520 Portland Ave. (near the corner of Clifford Ave.), Rochester
When: Monday, September 17, 12 -1 PM
Why:  To add your voice to getting Rochester’s money out of Chase Bank! Why?
·         In New York State, Chase has the worst record of mortgage modifications under the federal Home Affordable Mortgage Program (HAMP), which has been an abysmal failure in helping “underwater homeowners” modify their mortgages.[1]
·         In a $25 billion federal settlement with the five worst-offender banks who committed mortgage and foreclosure fraud, including Chase, the banks admitted no fault. Only $1.7 billion of the settlement, a paltry $2,000 per defrauded homeowner, was actually dedicated to making homeowners whole.[2]
·         So far, the US Justice Department has declined to prosecute any of the big banks’ top management for their fraudulent practices and reckless actions that led to the 2008 crash.[3]
·         A recent International Monetary Fund study (June 2012) estimates that Chase has received a $14 billion annual subsidy from the US federal government as of 2009.[4]
·         As many US municipalities face bankruptcy due to the interest rate swaps they signed with the big banks, cities like Detroit are paying hundreds of millions to Chase (the third largest muni-bond underwriter) to get out of these swap agreements, forcing the city to fire more than a thousand city workers.[5]
·         Chase CEO Jamie Dimon, whose compensation package grew 11% in 2011, became the highest paid bank CEO in the US, despite the bank’s loss so far of $5.8 billion in bad derivative bets in the same year (the losses could reach $7.5 billion).[6]
·         The top banks are 23 percent larger than they were before the crisis. They now hold more than $8.5 trillion in assets, the equivalent of 56 percent of US gross domestic product, up from 43 percent just five years ago.[7]
[1] http://www.bloomberg.com/news/2012-07-22/bungled-bank-bailout-leaves-behind-righteous-anger.html; http://www.nycommunities.org/foreclosure/chasereport
[2] http://www.bloomberg.com/news/2012-07-22/bungled-bank-bailout-leaves-behind-righteous-anger.html
[3] http://current.com/shows/viewpoint/videos/matt-taibbi-if-an-individual-on-wall-street-was-punished-banks-would-take-note/
[4] http://thinkprogress.org/economy/2012/06/19/502311/study-jp-morgan-subsidy/
[5] http://www.bloomberg.com/news/2012-09-13/detroit-shows-wall-street-never-loses-on-bad-swaps-muni-credit.html
[6] (http://www.huffingtonpost.com/2012/06/25/bank-ceo-pay_n_1625027.html;  http://www.bloomberg.com/news/2012-09-06/jpmorgan-said-to-face-escalating-senate-probe-into-cio-s-losses.html
[7] http://www.bloomberg.com/news/2012-07-22/bungled-bank-bailout-leaves-behind-righteous-anger.html

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