Richard Eskow: An outside observer might be forgiven for thinking JPMorgan Chase isn’t so much a bank as it is a criminal enterprise with a bank attached to it.
RJ Eskow: Will Kamala Harris hang tough in her new lawsuit against JPMorgan Chase, the first to target individual bankers accused of defrauding the public? If so, it would be the first time in five years that executives at a major bank have personally paid a price for their misdeeds.
RJ Eskow: We’ve been saying for years that JPMorgan Chase is fundamentally a criminal enterprise, that “Obama’s favorite banker” Jamie Dimon is a fraud, and that “America’s best bank” is a nest of venality and criminality.
Ellen Brown: If the last quarter century of U.S. banking history proves anything, it is that our private banking system turns malignant and feeds off the public when it is deregulated.
Shamus Cooke: The banking oligarchy is so intertwined with the political and economic establishment that real regulatory change cannot happen until the system itself is transformed from below, by a powerful social movement. Pleading to politicians to fix so-called Casino Capitalism is increasingly naive.
Walter Brasch: It’s time to retire the 99 percent. Not the people, but the slogan that identifies the Occupy Movement.
Robert Reich: Obama can can take on Romney and the system that allows private-equity managers to continue to make huge profits at the expense of average Americans.
Sharon Kyle: Kamala Harris standing firm on decision to reject bank settlement that could garner the state $15 billion but would release bank liability.
Robert Reich: According to JPMorgan Chase CEO Jamie Dimon, the recovery has stalled because of strict banking regulation. I’m not making this up.
Norman Solomon and Jeff Cohen: While Washington pundits are talking up a new civility, many progressives are bracing for the old servility — a bipartisanship that is servile to a corporate elite that is unquenchably greedy and more powerful than ever.
Marian Wang: Though foreclosures continue to speed through courts in some states, in recent months some judges have increasingly questioned banks bringing foreclosure cases in court, forcing them to prove their legal standing to foreclose.
Robert Reich: If Washington knew what was good for it and the nation, it would sever its financial connections with the Street. Better yet, it would enact legislation seeking to limit the impact of private and corporate money in politics. That goal is made more difficult to achieve by the grotesque recent Supreme Court decision (Citizens United vs. Federal Election Commission) holding that corporations, including financial firms, have the right to spend unlimited amounts on political campaigns. But there are ways around this, such as more generous public funding for candidates that choose not to take private contributions. Hopefully as well, the president will nominate Supreme Court justices who understand the importance of public trust in democratic institutions, and the difference between companies and people.
Paul Kiel: The largest servicers have lagged in approving homeowners for modifications. Together, those servicers account for more than 60 percent of the 3.4 million mortgages eligible for the program, but very few homeowners have been approved for lasting modifications. About 425,000 Chase customers are eligible for loan mods, according to the Treasury Department. Only a little more than 7,000 have received permanent modifications.