While Washington’s working families face unemployment, foreclosures and drastic cuts to public services, JP Morgan Chase Bank continues to profit at taxpayer’s expense.
After acquiring Washington Mutual, a Seattle-based bank, JP Morgan Chase laid off 12,000 WaMu employees nationwide, including 3,400 WaMu HQ workers in Seattle.
How are we getting Chased?
- Predatory Lending – Chase flooded poor communities of color with high-interest predatory loans during the housing bubble. These loans were made to look good but disguised giant jumps in interest rates that forced many people into foreclosure and loss of their homes.
- Chase gets richer as Washingtonians suffer – Taxpayers paid Chase $8 million in 2010 to handle all food stamp and cash assistance programs with Chase debit cards. Chase charges the state a fee for every case, so they make more money when more of us are having hard times. Worse, Chase makes extra money by skimming fees off those on assistance every time we use an ATM to access benefits.
- Taking our Money – JPMorgan Chase has received at least $94.7 billion in bailouts in taxpayer money, OUR money. While the rest of the country was still struggling, JPMorgan Chase executive bonuses in 2008 totalled nearly $8.7 billion.
- Lending Taxpayers Our Own Money – Chase is making a profit by lending taxpayers their own money, taking billions in bailouts and ultra-low interest loans from government, and then lending money to states at higher interest rates.