Posted on 01/15/2014 8:41:19 PM PST by Olog-hai
A Los Angeles councilman proposed Wednesday that the nation’s second-largest city consider ending tens of millions of dollars of financial ties with troubled JP Morgan Chase & Co.
A motion introduced by Democrat Gil Cedillo seeks a review of city business with the nation’s largest bank, as well as an analysis of legal options to end those contracts.
It said a city retirement system holds over $100 million in JP Morgan stock and investments, and the city has a line of credit with the bank. The motion also suggests disqualifying the bank from doing further business with City Hall. …
(Excerpt) Read more at hosted.ap.org ...
- HOW ‘BOUT GOLDMAN SACHS? THE CLINTON’S INSIDR CONNECTIONS
Cedillo worked for the Service Employees International Union (SEIU), Los Angeles County’s largest union, where he served as general manager from 1990 to 1996. In his years as general manager, he protected youth programs and played a critical role in securing $364 million in federal assistance to ensure that the Los Angeles County Health Care system remained afloat.
Cedillo has tried nine times since 1998 to get bills passed in the California State Legislature that would allow illegal aliens to obtain driver’s licenses
Socialist Los Angeles doing Obama’s bidding.
JPMorgan Chase reported a 7.3 percent slump in fourth-quarter earnings on Tuesday, as billions of dollars in legal costs
> A motion introduced by Democrat Gil Cedillo... said a city retirement system holds over $100 million in JP Morgan stock and investments, and... also suggests disqualifying the bank from doing further business with City Hall.
Sounds like a gift to JP Morgan, and another boat anchor around the necks of California’s taxpayers. Follow the money ping. Thanks Olog-hai.
I bet Cedillo would rather the city put their money in a bank more aligned to his allegiances, like Banko de Mexico.
Go ahead dump all the stock. The $100 million will net $50 million in a fire sale. Great for the retirement fund./s\
CC
That’s all Cedillo is doing.
The money will end up in Mexican pockets...or else
Something might be going on. JP Morgan is selling their EBT payment business. That has to be the some of the most steady income around these days.
- EBTs are OK for pot in Colorado now…
But not for beer?
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