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Showing posts with the label JPMorgan Chase

JPMorgan's $30 billion “commitment”

  JPMorgan Chase announced a $30 billion “commitment” to address U.S. wealth inequality in Black and Latino communities. The pledge consists of actions, over five years, designed to increase the number of loans, investments, donations and grants the bank makes. The focus of the effort is housing, where the bank says it will lend an additional $14 billion dollars, finance the construction of 100,000 affordable rental units and issue $12 billion in mortgages. These efforts are meant to be supplemental, that is, the bank says these are loans and investments it would not otherwise make. Of course, problems with racial inequality in the U.S. have been magnified after the May 25 death of George Floyd, instigated by former members of the Minneapolis, MN police department. The incident sparked weeks of protests across the globe. In addition, the COVID pandemic exposed gaps in health care access. The Black community has experienced far higher Covid-19 mortality than in the overall population. B

What Poor People Want

Fiscal Forum: “The Political Economy of High Debt” IMF, April 19, 2015. L to R: David Wessel, Maria Luís Albuquerque, Christine Lagarde, Helen Clark, Joaquim Levy. I was at the IMF yesterday with a bunch of rich white people ( @ Lagarde @ HelenClarkUNDP   @ davidmwessel ) when the subject of poor people came up. Of course, as they do with Black people, rich white people claim to know everything there is to know about the poor. I think their main fear is that poor people will want the same deal that Goldman Sachs got, or the deal JP Morgan got, or the deal the " London Whale " or the LIBOR manipulators got. This fear is borne of a certain selfishness and greed. It is, also, completely wrong, so I took the time to tell them what I think. Here is what we want: 1. Water. Not privatized water systems. Access to clean water. 2. Food. Not GMO degraded, just clean food. 3. Shelter. Not subprime loans, but shelter. 4. Peace. Not the opportunity to be shot in the

ShoreBank's Rescue Gives Community Lenders Hope

Summary version from The American Banker Newspaper. Wednesday, May 19, 2010. Story by Robert Barba. Sources said early Tuesday that the struggling $2.3 billion-asset lender had secured $140 million in capital commitments, well exceeding the $125 million it needed to become eligible for a $75 million investment from the Treasury Department. Though most of the companies on the roster have been solid supporters of community development financial institutions, Goldman Sachs Group Inc. and General Electric Co.'s GE Capital were two newcomers. They also were among the biggest investors in the group, kicking in $25 million and $20 million, respectively. Another headline investor in ShoreBank is Citigroup Inc., at $20 million. Others include Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., U.S. Bancorp, Morgan Stanley, Northern Trust Corp. and PNC Financial Services Group Inc. Also on board were State Farm, the Ford Foundation and the John D. and Catherine T. Mac

Summary of House Committee on Financial Services Hearing (Tian Weng, Debby Su)

1. Topic: TARP Accountability: Use of Federal Assistance by the First TARP Recipients 2. Date and Time: Feb 11, 2009, 10:00 am – 1:00 pm 3. Place: 2128 and 2172 Rayburn House Office Building 4. Chairman: Mr. Barney Frank, Chairman of the House Financial Services Committee 5. Witness List: Mr. Lloyd C. Blankfein, Chief Executive Officer and Chairman, Goldman Sachs and Co. Mr. James Dimon, Chief Executive Officer, JPMorgan Chase and Co. Mr. Robert P. Kelly, Chairman and Chief Executive Officer, Bank of New York Mellon Mr. Ken Lewis, Chairman and Chief Executive Officer, Bank of America Mr. Ronald E. Logue, Chairman and Chief Executive Officer, State Street Corporation Mr. John J. Mack, Chairman and Chief Executive Officer, Morgan Stanley Mr. Vikram Pandit, Chief Executive Officer, Citigroup Mr. John Stumpf, President and Chief Executive Officer, Wells Fargo and Co. Eight bank CEOs from companies receiving the first TARP funds testified before the House Financial Services Committ