Posted on 01/27/2025 5:20:13 AM PST by MtnClimber
Speaking to the World Economic Forum in Davos, Switzerland, President Trump blasted Bank of America CEO Brian Moynihan and JP Morgan Chase CEO Jamie Dimon for cancelling the accounts of conservatives and Christian activists.
Bank of America (BoA)’s Moynihan has denied the president’s allegations of de-banking and says that they “welcome conservatives” and “have no political litmus test” for their customers.
However, JP Morgan Chase CEO Jamie Dimon offered a more convoluted defense of the practice maintaining that “we’re not allowed to tell you why we de-banked you” but that if they don’t do it, the bank could face big trouble in the event of actual fraud or money laundering.
Dimon also posed the possibility that a person who might be innocent today might be convicted five years later, potentially costing the bank hundreds of millions of dollars.
The JP Morgan Chase CEO added, “We have to comply with the law, but it’s ambiguous and we’re punished.”
Whatever excuses the banks may be offering, there’s clear evidence that big banks have drawn a line against conservative customers.
The New York Post reports that BoA turned over consumer information to the FBI and Treasury Dept. when investigating the Jan 6, 2021 riots at the Capitol.
Also, Trump’s youngest son Barron experienced bias from an unnamed U.S. lender who refused to open an account for him at the end of his father’s first term.
Bank of America has faced scrutiny from governors of several Republican states who have looked into accusations of “religious” and “political” debanking of its customers.
If nothing else, conservatives are learning to choose their banking institutions with care.
(Excerpt) Read more at amgreatness.com ...
For the first half of 2024, Bank of America made contributions to the following 527 organizations:
527 Organization Name AMOUNT
Democratic Governors Association $50,000
Republican Governors Association $649
Just like investigations in the military.
Call in the person who issued the letter. Ask them, are you taking responsibility for this, or did someone tell you to do it? Work your way up the ladder and the punishment gets worse the higher you go in the ladder.
Do the same in the government agencies.
Have an FBI agent ask the questions so that lying to the investigator is a Federal crime.
BOA recently started making me provide my security code along with my PIN at their ATMs.
“Investors in the bank also have grounds for action..”
That’s where the investors who gave their money to Blackrock and Fidelity should push a class action. Let Fink earn his name.
“Well then the Right leaning bank regulators can do the same if it does de-bank anyone”
Close, but we should do EXACTLY what Biden’s people did, but with one exception.
We have Treasury tell the banks to De-Bank a group of people, perhaps those who will not cooperate on immigration enforcement, BUT then tell the entire country that we’re doing it. The Democrats would scream like mad, so we politely ask them: “Would you like to join us in passing a law to prohibit debanking, with the only exception being from non-FISA court order, and only after a felony conviction.”
Something like that.
Sounds like they were bullied by other rich Democrat bank customers as well as the Democrat administration that didn’t like the idea of the bank serving public conservative figures They folded like a cheap suit and now come up with this cheesy BS PR rather than pulling a Zuckerberg and owning up to it while groveling for forgiveness, not that he won’t do it again.
Don’t get me wrong. JPMorgan is evil. Just look at their involvement with Madoff and Epstein and imagine how much hasn’t been surfaced.
But Dimon is unlikely to say something like this without there being some basis to it.
Warren Buffett’s Berkshire Hathaway is the largest BofA shareholder, with a stake of about 13%.
Bank of America is a publicly held company owned by shareholders. Institutional investors own about 59% of its shares.
Institutional investors
Berkshire Hathaway (BRK.A 0.75%)(BRK.B 0.73%): Warren Buffett’s Berkshire Hathaway is the largest Bank of America shareholder, with 1.03 billion shares amounting to a 13% stake. As of March 2024, it was the second-largest of Warren Buffett’s stock holdings after Apple (AAPL -0.39%), worth almost $37 billion.
Vanguard Group: A leader in low-cost index funds, Vanguard — a registered investment advisor headquartered in Malvern, Pennsylvania — owns about 608 million shares of Bank of America, representing a 7.7% stake. The Vanguard Total Stock Market Index Fund (VTI -0.29%), the Vanguard Institutional 500 Index Fund (NASDAQMUTFUND:VFFSX), and the Vanguard Value Index Fund (NASDAQMUTFUND:VVIAX) own the company’s three largest stakes in the stock.
BlackRock (NYSE:BLK): Based in New York City, publicly traded BlackRock is the world’s largest institutional money manager and the owner of iShares exchange-traded funds. BlackRock owns over 491 million Bank of America shares, or 6.2% of its outstanding common stock. Its iShares Core S&P 500 ETF (IVV -0.29%) owns about 0.9% of Bank of America’s shares.
State Street (STT 1.56%): Boston-based financial services company and custodial bank State Street owns more than 290 million Bank of America shares, or about 3.7% of the company. Its SPDR S&P 500 ETF (SPY -0.29%), the first exchange-traded fund (ETF) in history, owns almost 81 million shares, about 1% of Bank of America’s stock.
Fidelity Management & Research: Boston-based Fidelity, a privately held financial services firm, owns more than 187 million Bank of America shares, representing a stake of almost 2.4%. More than 82 million of those shares are owned by its Fidelity 500 Index Fund (NASDAQMUTUALFUND:FXAI.X), roughly 1% of Bank of America’s common stock.
This is the same Bank of Amigo that was actively shopping credit cards to illegal aliens in early 2007.
Now they are worried about fraud? Ha!
EC
Money LAUNDERING?
Phenomenal Banker Lies.
Make them tell the truth in Congressional hearings then.
They did exactly what the Biden Harris Marxists demanded.
BOA is easily the worst bank in the USA, followed by Wells Fargo.
I’ve had very large transactions (hundreds of millions) for my various companies I’ve invested in/worked at greatly complicated by them for no reason, other than my industry (oil) was targeted by regulators.
We’ve switched to a conglomerate of smaller participating banks, but it’s very difficult to avoid Wells Fargo/Credit Suisse and the rest after a certain size of transaction.
JPMorgan Chase Provides an Update on its $30 Billion Racial Equity Commitment
Big Money needs to be broken up with anti-trust laws. Blackrock should be broken up into at least 10 entities to dilute its power over Americans.
We need to remake banking. We need to end the Fed and all other central banks. I think the entire global economy is fake and rigged — (they want you to own nothing and be happy). It’s just debt and money laundering and does not reflect the actual work produced by humans. If I could, I’d declare a jubilee and start the whole thing over.
But the House Banking committee oversight should know.
https://www.law.com/nationallawjournal/2020/03/22/nlj_apr2020_1on1_feingold/?slreturn=20250127153005
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