Friday, May 10, 2013

Stop Chase's Profiteering with Taxpayer Money

The LA City Council is preparing to make a threshold decision on the future development of West LA. They must make a choice: either the same old poorly planned sprawl,or jobs that are accessible to reliable mass transit; either the same old energy wasting buildings, or new well-designed low-emissions structures; either projects that provide low-wage dead-end jobs, or developments that prioritize good living-wage employment opportunities. JP Morgan Chase wants the Council to choose the first option and stop LA from progressing to a more well-planned future and an economy that works for all - and you have a chance to weigh in right now.

Sign the petition to the LA City Council: Investigate JP Morgan Chase’s profiteering with taxpayer money and anti-competitive behavior.

You might have seen the recent negative publicity surrounding JP Morgan Chase – America’s largest bank by total assets. The news has long reported about the bank’s role in bringing about the foreclosure crisis and its more recent huge investment losses, but an increasing amount of attention has focused on this banking behemoth’s brazen gaming of the system to make its top executives even more wealthy – often at the expense of taxpayers and its own customers:
  • Manipulations and investigations of utility rate settings
  • Profiteering off of our public schools with predatory financing
  • Mortgage malfeasance 
and now:
  • Anti-competitive actions in LA – JP Morgan Chase’s anti-competitive streak proves its own self-interest over the good of our community. A scandal has recently broken about JP Morgan’s anti-competitive behavior, as reported in LA Curbed, about JP Morgan's anti-competitive behavior in attempting to prevent a new transit-oriented development – a project that would create thousands of good union jobs, as well being LA’s first ever LEED Platinum certified newly constructed office high-rise – from being built across the street from the bank’s Southern California headquarters
Sign our petition.  As the LA City Council decides how our city will look in the future, Council members need to consider whether it's appropriate for out of town mega-banks like JP Morgan Chase to lead the charge against environmentally friendly economic development and good living-wage jobs - and whether the city should be doing business with JP Morgan Chase at all.

In the spirit of LA’s Responsible Banking Ordinance unanimously passed last year, designed to ensure that banks doing business with the city of LA were actually good for the people, petitioning the City to examine JP Morgan’s actions is more important than ever.

Join me and other LA residents in telling the City Council that enough is enough. Let’s not give one more penny of our city’s money to these unscrupulous fatcats whose schemes to enrich themselves with our dollars never seem to end!
In Solidarity,
Beverly Roberts
ACCE Los Angeles Exec. Board Member

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