JP Morgan Chase invades Iraq

by Ali Issa
JP Morgan Chase

1. 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.

In 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”

2. 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 invasions.

3. 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.

4. 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.

5. Chase overcharged 4,500 military members on their mortgages and improperly foreclosed on 18 of them.