Sunday, March 6, 2011

J.P. Morgan Chase Bank Is Morally Bankrupt

Take Action!

Join us at noon on March 18, 2011 for a giant rally at the:

JP Morgan Chase headquarters
270 Park Ave., between East 57th and East 58th streets.
Contact us at  for more information.

Supporters and allies all over the country are working to educate the American public about Chase's irresponsible behavior by taking this information directly to the Chase customer.
With your support, we can send a message to Chase!

NYCCLC-AFL-CIO Protest Chase Bank in NYC
 On the same day, we will organize our third National Day of Action to leaflet and banner at Chase Banks nationwide! Download the leaflet in English and Spanish

On February 4, 2011, there were protests at almost 200 Chase Bank branches from California to Connecticut! See the report

JPMorgan Chase wants to be seen as a socially responsible corporation.  It states that its business practices are guided by the UN Declaration of Human Rights. However, according to an analysis prepared for The Wall Street Journal, JPMorgan Chase is Number 1 in the dollar amount of foreclosed home loans on its books.  JPMorgan Chase is also a lead banker for Reynolds American.
JPMorgan Chase has $18.9 billion worth of home loans in foreclosure on its books as of September 30, 2010. 7.48% of all JPMorgan Chase-owned residential mortgages are in foreclosure, the largest foreclosure rate among the big banks.

In October 2010, JPMorgan Chase declared a temporary foreclosure moratorium in 23 states because foreclosure related paperwork was not properly reviewed by bank employees and affidavits were not properly notarized. It has been reported that JPMorgan Chase plans to restart foreclosures.

All 50 state attorneys general are investigating the foreclosure practices of banks including JPMorgan Chase. The SEC and a White House Task Force are also investigating.

JPMorgan Chase CEO James Dimon
JPMorgan Chase reported 2010 net income of $17.4 billion, an increase of 48% compared with $11.7 billion for the prior year. Earnings per share were $3.96, compared with $2.26 for 2009. For 2009, JPMorgan Chase Chairman and CEO James Dimon received a $1 million salary and equity awards valued at $14 million.

Reynolds American is one of the largest tobacco corporations in the world, with annual profits of more than $2 billion. In 2009, Reynolds American CEO Susan Ivey received compensation amounting to more than $16 million. Chase is the lead bank in a consortium of Reynolds American creditors, lending Reynolds American $489 million in funds.

Each year tens of thousands of migrant farm workers travel to North Carolina for the tobacco harvest. Neither Chase nor Reynolds employs farmworkers, but they are in a position to influence the living and working conditions of tobacco farmworkers.

Studies show that many workers suffer from sub-minimum wages, corrupt crew leaders, unacceptable conditions in labor camps, and serious health risks, including heat stroke and acute nicotine poisoning from the tobacco plants they tend.

Half of farm worker households cannot afford enough food for themselves and their families, and more than one-third of housing for farm workers on the East Coast is severely inadequate or unfit for human habitation.

The average income of a tobacco farm worker was just $11,000 in 2009, not even half the federal poverty level for a family of four.

JPMorgan Chase should declare a nationwide moratorium on home foreclosures.

We call on Chase to arrange a meeting between the Farm Labor Organizing Committee (FLOC), which represents migrant farmworkers, and Reynolds, to address the conditions in the fields and labor camps.

Moratorium Now!

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