Americans overwhelm bank’s planned Q&A session with real questions
November 14, 2013
JPMorgan Chase & Co. cancelled a planned question and answer session on Twitter yesterday after Americans began asking the bank real questions prior to the start of the session, denying JPMorgan Chase the ability to control the narrative.
— J.P. Morgan (@jpmorgan) November 13, 2013
The bank, the largest in the U.S., set up the Q&A session by asking Twitter users to send in questions, marked with the hashtag #AskJPM, for veteran investment banker Jimmy Lee to answer.
Americans then proceeded to ask the bank questions immersed in truth.
#askJPM Any plans to return illegally foreclosed homes to their rightful owners? If not, how do you justify your continued existence?
— Elisabeth Carey (@ElisabethCarey) November 13, 2013
Do you have an org chart that's perfectly analogous to the criminal underworld – capo, made man – or do you just wing it? #AskJPM
— David Dayen (@ddayen) November 13, 2013
Does it feel better paying the biggest bank fines in history so far, or did the satisfaction of the crimes outweigh the fines? #AskJPM
— Schoun (@schoun) November 13, 2013
Is the fact that you've paid over half a billion in fines since August a source or pride, or are you embarrassed it's not higher? #AskJPM
— alexis goldstein (@alexisgoldstein) November 13, 2013
After being overwhelmed with questions exposing its ruthless and inhuman behavior, JPMorgan Chase cancelled the session entirely.
Tomorrow's Q&A is cancelled. Bad Idea. Back to the drawing board.
— J.P. Morgan (@jpmorgan) November 14, 2013
It appears that the bank doesn’t want to discuss its abuses which have affected the lives of millions.
Earlier this year, both the U.S. Attorney’s Office and the Eastern District of California began a criminal and civil investigation against JPMorgan Chase for reportedly overstating the quality of mortgages it sold to investors prior to the 2008 financial crisis.
The bank was also accused of selling loans to Fannie Mae and Freddie Mac without fully disclosing their associated risks.
Furthermore, in 2012 New York attorney general Eric T. Schneiderman accused JPMorgan Chase of selling bad securities which led to investors losing $22.5 billion.
Currently, JPMorgan Chase is extremely overexposed to risk in the derivatives market.
In the second quarter of 2013, the bank listed nearly $1.95 trillion in assets and $71.29 trillion in risk held in derivatives.
A derivative is simply a legal bet on the future value or performance of an entity, such as oil.
So to put everything into perspective, JPMorgan Chase is betting over 36 times what it owns in assets on the future prices of oil, government bonds and other entities.
This exposure is more than enough to crash the American economy worse than the 2008 financial crisis.
Yet while we face an economic collapse which could rival even the Great Depression, JPMorgan Chase wants us to ask only questions which are sympathetic to the bank during its Q&A session.