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Chicago Alderwoman Proposes City Stop Doing Business With JPMorgan Chase After It Admits to Illegal Actions

Chicago Alderwoman Proposes City Stop Doing Business With JPMorgan Chase After It Admits to Illegal Actions

A politican wants to hold Wall Street accountable for its criminal and willfully negligent behavior — and lo and behold, it’s a Chicago alderwoman, according to the Sun-Times:

Ald. Leslie Hairston (5th Ward) plans to introduce a City Council ordinance …deleting the bank from its list of 19 designated financial heavy hitters.

Chase as a municipal depository.

..about $350 million in city municipal funds are now deposited with 
Chase.

Hairston argues that JPMorgan Chase should be treated like any other person or business prohibited from doing business with the city:

“The bank has violated the city code by making admissions of dishonesty and deceit in the way they dealt with their investors in the mortgage securities and Bernie Madoff Ponzi scandals,” Hairston [said].

Hairston argues that JPMorgan Chase should be treated like any other person or business prohibited from doing business with the city:

“The bank has violated the city code by making admissions of dishonesty and deceit in the way they dealt with their investors in the mortgage securities and Bernie Madoff Ponzi scandals,” Hairston [said].

“We use this code against city contractors and all the small companies, why wouldn’t we use this against one of the largest banks in the world,” she said.

“It’s bad enough the penalties imposed against them by the feds don’t really pinch them because they are able to pay off the fines levied against them.”

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