JP Morgan Chase
Following the US invasion of Iraq in 2003, J. P. Morgan Chase was selected
to operate a bank
the United States created in Iraq to manage
billions of dollars to finance imports and exports.
August 2003, the NY Times said this about the Trade Bank of Iraq, which included
13 international banks and now includes 30 banks: “Operating the bank, the Trade
Bank of Iraq, will give banks access to the financial system of Iraq, which has
huge oil reserves; foreign bank companies have not operated in the country since
a policy of nationalization in the 1950's and 1960's...The trade bank will serve
as an intermediary for Iraqi government agencies' purchases of equipment and
supplies from companies based outside the country”
A 2009 report cited JP Morgan Chase for funding the production of cluster bombs,
tiny bomblets that are dispersed upon impact, creating defacto landmines
wherever they fall, which were used by the Israeli army during the war in south
Lebanon three years ago, as well as both the Georgians and the Russians in the
dispute over South Ossetia, and in the Iraq and Afghanistan
In 1989, NYC awarded 25 years of subsidies and benefits with a projected value
of $211.8 million to JP Morgan Chase to expand its offices and create 1,450.
Rather than going up in the years that followed, employment at Chase’s banking
operations in NYC went down.
Nationally, as of June 2010, JPMorgan Chase made $19.5 billion in home
foreclosures in the US. Chase employees admitted to signing 18,000 foreclosure
documents per month without reviewing the information in each file first &
was forced to stop foreclosures in 41 states due to this “robo-signing” scandal.
JP Morgan Chase also provided financing to the worst of the subprime lenders who
issued $295.3 billion in subprime loans from 2005-2007.
Chase overcharged 4,500 military members on their mortgages and improperly
foreclosed on 18 of them.