By Nate Jackson
Jamie Dimon, the CEO of JP Morgan Chase isn’t just the top 1% — he’s the top 1% of the top 1%.
On November 2nd, he came to Seattle to speak on “business leadership”. Instead, we told him that we weren’t satisfied with the kind of leadership he and the other big banks represent.
Our country is in a jobs crisis and the big banks are only making it worse. They have continued to lay off workers while giving CEOs bonuses, refused to modify loans to keep us in our homes and even charge folks when they use their EBT cards.
We understand that in order to make lasting change we all need to work together. That’s why as a first major step, this Saturday, November 5th we’re moving our money out of Big Wall Street Banks.They’ve had their chance and now we’re breaking up.
Chase Bank hasn’t been a good relationship. When they first took over Washington Mutual they fired 3400 employees as a way of introducing themselves to our state. They then raised fees on social services like EBT for which they were already being paid by the state at the ridiculous cost of $8 million a year, your tax dollars not at work.
Chase Bank didn’t stop there. They then gave even larger bonuses and pay to their CEO Jamie Dimon ballooning his pay to nearly $10,000 per hour. In fact, he is the highest paid banker in the United States. His earnings have exploded while he continues to foreclose on Washingtonians; nearly 10,000 and counting while making a profit on food stamps from folks who can least afford it.
We’re breaking up with Big Banks because we’ve had enough with an economic system that keeps giving bailouts and bonuses to the big banks while the 99% are still struggling to find good jobs. We’ve had enough with a system that protects loopholes for private jets while cutting education and health care. And we’ve had enough with CEOs who make millions a year while they lay-off thousands of workers.
The city of San Jose moved nearly $1 Billion out of Bank of America as the city could not abide that huge international banks financial practices anymore in the face of the economic challenges of San Jose residents.
Even states are moving their money; Massachusetts has moved millions of dollars out of big banks Chase and Wells Fargo.
We’ve had enough of big banks profiting off of business practices that hurt the 99% and enrich shareholders and greedy CEOs who have benefited off of our hard work. We are standing up, and taking our hard earned money away from big banks that do not have our best interest at heart.
We’ve had enough. We’ve talked enough and it’s time we started acting.