Posted on 02/24/2020 6:44:59 PM PST by yesthatjallen
JPMorgan Chase announced Monday that it is planning to end loans to companies pursuing fossil fuel drilling in the Arctic Circle, according to reports.
The Washington Post reported that the bank said that it will soon complete a 2017 commitment to help fund $200 billion in projects to help meet the U.N.'s sustainable development goals, as well as $50 billion for "green initiatives."
The bank also plans to phase out all existing and future loans to the coal industry by 2024, and end the financing of oil and gas extraction projects in the Arctic, a region vulnerable to the effects of climate change.
JPMorgan will continue, however, to do business with coal companies that have alternative revenue streams, a move that along with its decision to continue supporting fossil fuel projects in the mainland U.S. drew criticism from environmental advocates.
“It seems like weak beer to me, basically just copying Goldman,” Bill McKibben, a Middlebury College professor of environmental studies and a vocal advocate for divestment from fossil fuels, told the Post. “But it shows that even the biggest bank on Earth feels citizen pressure, so we will keep supplying that!”
SNIP
(Excerpt) Read more at thehill.com ...
Let me know which bank steps in to fill the void. I’ll invest/do business with them.
Reinstate Glass-Steagall to separate consumer banking from investment banking.
Use anti-trust laws to break up the “too big to fail” banks.
For free markets to work efficiently many competitors are needed. The US banking industry is dominated by a few super banks allied with big government.
The next time there is a banking crisis, let the big insolvent banks fail. Their shareholders, bond holders and management should pay the price. Small depositors should be bailed out by FDIC. The failed banks can be reorganized in bankruptcy court or liquidated.
That just ruined about every romantic moment for the next week at least.
Something I will never get used to seeing.
Sberbank and other Russian lenders might jump in.
Exactly, fill the void.
Wow, a Freeper arguing for a government takeover of the backs. That is the sort of sad shit I would expect from a DU retard. Everything the government touches turns to shit! onvince me otherwise.
The DOJ has successfully sued banks over minority loans and a host of other issues. No reason they can’t be sued for refusing loans/business to oil companies that are profitable and not a risk.
Same goes for firearm manufacturers and dealers.
That would be better than nationalizing an industry. Any industry.
If I win the lottery, I’m going to tell Chase to go screw themselves and pull my account (I’m stuck with them at the moment, and not by choice).
Another bunch of cowardly rich white folk sticking it to the American worker (Blackrock investments is doing the same. I’m hopefully selling off my stock in them tomorrow).
I used to want the people who attacked the Bank of America across the US in the late 60’s/early 70’s to be punished. Now I think the banks should be punished for being politically correct cowards and climate change dupes.
Sounds like a GREAT opportunity for private lending and investors!!!
I must respectfully disagree. The President of the United States should never have the authority to "NATIONALIZE" any industry/company.
If President Trump were to "NATIONALIZE" J.P. Morgan, then a future socialist president would use that as justification/authorization to nationalize the power industry or the health care industry.
Presidential power must be limited.
I know...we don’t ‘nationalize’ here at FR. My problem is that I’m just sick of businesses being allowed to use their financial muscle to drive policy in this country. That needs to be PREVENTED in some way - threatening to nationalize would at least get their attention (just as the prospect of Bernie or Liz taking power has bankers scared to death). Maybe do what Bill Clinton did and sic the Justice Department up every nook and crannie of those companies.
Right now, the Left has figured that they can make all the death threats in the world, and conservative politicians will only rarely be intimidated (ask Susan Collins, McConnell, Nunes, etc. what they hear and see coming in...threat after threat).
But the people who run Chase and other outfits don’t give a crap about elections and have enough money to not have to give a crap about the future of the country - and if shutting down perfectly legal commerce is all it takes to end the threats, phone calls, and complaints, then they buckle.
So today, it’s Soros’ mob stopping Arctic drilling, maybe tomorrow Gulf drilling, and next week Fracking, and next month gun shops, and then next year auto manufacturers who won’t stop producing SUVs and Pickups, and then lumber outfits which sell to the builders of single-family houses, then Breitbart. Where does it end - at what point do we say that these huge companies no longer have the right to effect political change?
Maybe not nationalization...but whatever the hell it takes. Soros and the Democrats won’t even need to win anymore elections, if their phone banks are allowed to accomplish everything AOC and Bernie wants - regardless of election outcomes.
Alienate them
Too bad J.P. Morgan is dead. He’d fire these weasels.
Just turn off all their fossil-fuel-generated electricity.
They've been an enemy of the people for decades.
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