In 2013, JPMorgan Chase agreed to a $13 billion settlement as restitution for their role in creating the Great Recession—and $613 million of the settlement was allocated for New York state to relieve distressed homeowners. When Governor Cuomo announced his intentions to use that money to pay for a major corporate tax cut instead, the Campaign For A Fair Settlement and the Home Defenders League started MoveOn Petitions to demand that he give the money to New Yorkers, not Wall Street.
Tag: jp morgan
In 2010, progressive champions in the Senate, including Senator Jeff Merkley of Oregon, fought to pass the Volcker Rule firewall, which restricts high-risk trading by big banks. The firewall, which is meant to protect taxpayers if Wall Street’s bad bets blow up, was met with opposition from big bank lobbyists. That’s why Sen. Merkley started a MoveOn Petition telling Federal Reserve Chairman Ben Bernanke to keep the so-called “JPMorgan Loophole,” which would blow holes in the firewall, out of the law.
What’s wrong with this cycle?