Free Republic

A growing legal battle between President Donald Trump and one of America’s most powerful financial institutions is putting a spotlight on a controversial issue that could affect businesses, investors, and everyday Americans alike: debanking. JPMorgan Chase has now formally acknowledged that it ended its banking relationship with Donald Trump and several Trump-affiliated businesses shortly after the January 6, 2021 Capitol riot. The disclosure came as part of a major lawsuit filed by Trump seeking $5 billion in damages, alleging political discrimination and reputational harm.The case is quickly evolving into something far bigger than a dispute between a bank and a...

Conservatives are furious that JPMorgan Chase closed Donald Trump's personal and business bank accounts following the January 6 attack on the Capitol in 2021. Chase, America's largest bank by assets, was forced to admit closing the accounts after Trump launched a $5 billion lawsuit last month against the bank and its CEO, Jamie Dimon. Steve Guest, a former communications aide to Republican Senator Ted Cruz, said in a social media post that Dimon 'has some serious explaining to do'. SNIP Documents released Friday as part of the discovery process showed that Chase sent Trump two letters on February 19, 2021,...

President Donald Trump said Saturday he plans to sue JPMorgan Chase, accusing the banking giant of improperly cutting off his accounts in the aftermath of the Jan. 6, 2021, Capitol riot. Trump made the allegation in a lengthy post on Truth Social, where he also denied a report that claimed he had offered JPMorgan CEO Jamie Dimon the job of Federal Reserve chair. Trump also pushed back on suggestions he had considered Dimon for Treasury secretary, saying he already has Scott Bessent in the role. "The problem is, I have Scott Bessent doing a fantastic job, A SUPERSTAR — Why...

A Delaware judge on Monday rejected JPMorgan’s request to halt ongoing payments tied to Charlie Javice’s legal defense, ordering the bank to continue complying with an existing fee-advancement order while its appeal proceeds. Javice and her lawyers spent $530 on gummy bears, more than $3,000 on first-class airline tickets, a $581 dinner that included a $161 seafood tower and $25,800 on hotel upgrades — then billed the costs as part of the staggering legal tab she wants JPMorgan Chase to pay, the bank alleged in court filings. According to the filings, the expenses included a $284 car ride covering just...

JP Morgan moved its entire Gold trading desk from New York to Singapore LAST THURSDAY!!! What is going on???

One of the world’s largest banks was notified on Monday morning that its cooperation with the Biden administration’s partisan Arctic Frost probe is now under investigation by Florida’s attorney general, The Daily Wire can first report. Florida Attorney General James Uthmeier told JPMorgan Chase in a Monday morning letter reviewed by The Daily Wire that it had “grave concerns” about the bank’s actions relating to Trump Media, the Florida-based company that operates Truth Social. The investigation was prompted by information released by the Senate Judiciary Committee, which disclosed last month that Special Counsel Jack Smith’s Arctic Frost investigation into Donald...

Chiefest among these converts is billionaire hedge fund mogul Bill Ackman, who famously contributed nearly $2 million of his own money to efforts to kill Mamdani’s candidacy…I read the Pershing Square Capital boss’s tweet on Tuesday night at-ing Mamdani: “Congrats on the win. Now you have a big responsibility. If I can help NYC, just let me know what I can do.” Elsewhere in the world of high finance, JPMorgan Chase CEO Jamie Dimon, who previously called Mamdani “more a Marxist than a socialist” and slammed him as pushing “ideological mush that means nothing in the real world,” is also...

JPMorgan Chase is seeking to get out of its legal obligation to pay a staggering $115 million in attorney fees racked up by two former business partners who were convicted of scamming the banking giant out of $175 million. The nation’s largest lender filed legal papers in Delaware on Friday demanding that a judge reverse an earlier ruling that required it to pay the lawyers for Charlie Javice and her convicted co-conspirator Olivier Amar. According to the filing, Javice’s team of lawyers across five law firms have billed JPMorgan approximately $60.1 million in legal fees and expenses, while Amar’s lawyers...

Subprime auto lender Tricolor Holdings’ bankruptcy is hitting big banks and asset managers. JPMorgan Chase on Tuesday reported a $170 million charge. One question: Did the federal government’s seal of approval for Tricolor cause investors to ignore hazard lights? Tricolor caught creditors off guard when it filed for Chapter 7 bankruptcy last month. The Justice Department is reportedly investigating the lender for double-pledging collateral. But lapses in due diligence may also be to blame. JPMorgan CEO Jamie Dimon admitted Tuesday that Tricolor was “not our finest moment.” He also warned the failure could portend more problems lurking in credit markets....

The 2007 implosion of two Bear Stearns hedge funds that invested in risky mortgage bonds led to the wider crash of the financial system, and as it turns out years later, a fairly sizable and eyebrow raising settlement paid by mega bank JPMorgan to the convicted pedophile financier Jeffrey Epstein. The hedge funds went belly-up in the summer of 2007, the first public casualty of the smoldering financial crisis that would take down Bear, then Lehman Brothers, and were it not for a government bailout, the entire financial system in 2008. After Bear’s collapse, JPMorgan CEO Jamie Dimon, at the...

The scale of the effort to “debank” Donald Trump because of pressure from Biden administration regulators went far beyond JPMorgan and Bank of America, The Post has learned. At least 10 other financial institutions closed their windows to the billionaire real estate tycoon over his role in the Jan. 6 Capitol Hill ­melee. The moves came in the months after Trump left the White House in 2021, sources inside the Trump Organization told me. The stunning scale of the blacklisting is being revealed here for the first time. ... It should be reported as much as possible for the simple...

JPMorgan and Bank of America “debanked” President Trump for his role in the January 6 Capitol Hill melee following pressure from the Biden administration’s banking regulators and the Federal Reserve, people with direct knowledge of the matter tell The Post. The exact reason for Trump and his tens of millions of dollars in holdings being kicked off the JPMorgan banking platform, and then denied access to Bank of America’s services has yet to be reported. But sources at the banks — the No. 1 and No. 2 largest in the US in terms of assets — confirmed the cause stemmed...

Arizona, Louisiana, Pennsylvania treasurers among those to sign.. A group of 26 financial officers from 21 states sent letters to 18 major financial institutions this week, warning them to abandon environmental, social, and governance (ESG) practices if they wish to continue doing business with their states. The letters said ESG has undermined the traditional fiduciary duty that firms owe their clients, focusing solely on financial return, and instead prioritizes advancing political agendas. “Fiduciary duty has long been a critical safeguard that facilitated efficient capital allocation grounded in financial merit rather than political ideology,” the letter said. “But that clarity is...

The NYC Partnership threw a party — but no one really showed up. A who’s who of the New York City business community were no shows for a Tuesday meet and greet session with socialist democratic mayoral nominee Zohran Mamdani. The list of New York City-based CEOs that declined the Partnership’s invitation includes Jamie Dimon, the nation’s top banker and chief of JP Morgan, the nations largest bank; Steve Schwarzman, the CEO of private equity powerhouse Blackstone; Brian Moynihan, the head of Bank of America, the nations second largest bank; Larry Fink, the CEO of Blackrock, the worlds largest asset...

Beege's excellent post on the financial bonanza that Trump's tariffs have brought highlights one side of the story that the Pravda Media didn't expect. JP Morgan's reversal of its prediction that Trump's trade policy would usher in a recession tells the other side. All the "best people" have missed the point of Trump's moves to reshape world trade. JP Morgan's prediction that the tariffs would usher in a serious recession was not insane. Any economist will tell you that, all other things being equal, reducing the friction involved in people trading will reduce the efficiency of the market. Inefficient markets...

Charlie Javice faces up to 30 years for tricking JPMorgan into buying her fintech startup for $175M. After Friday's verdict, her lawyers argued wearing an ankle monitor would ruin her Pilates career. Convicted JPMorgan fraudster Charlie Javice will have a tougher time teaching Pilates, at least for now. Wearing the bulky device once again — as she had for several weeks before a November decision granting its removal — would be a severe impediment to her career as a Pilates instructor, Sullivan said. "To have your legs in the air and the monitor going up and down on your leg...

If you’ve ever had a rug pulled out from under you, then you know how it feels to suddenly lose access to your own bank account. That’s what happened to me in 2022, when JPMorgan Chase, America’s largest bank, abruptly canceled our newly opened account for the National Committee for Religious Freedom. I started NCRF after spending decades in public life, including three years in the first Trump administration serving as ambassador-at-large for international religious freedom. The group proactively defends the constitutional freedom of religion so that all Americans can peaceably live according to their faith. Our advisory board includes...

The US federal government weaponized the banking system to attack conservatives during the Biden Administration. A Congressional investigation committee released an extremely concerning report in December entitled: “FINANCIAL SURVEILLANCE IN THE UNITED STATES: HOW THE FEDERAL GOVERNMENT WEAPONIZED THE BANK SECRECY ACT TO SPY ON AMERICANS” that details how the US government has been monitoring American citizens through bank transactions, with an emphasis on citizens who have expressed conservative viewpoints. The banks were caught red-handed and now some are expressing their need to change, so long as they are in line with whomever is currently in the White House. JPMorgan...

JPMorgan Chase has agreed to adopt language that will protect against future instances of political and religious debanking in its Code of Conduct. The changes mark a crucial step forward at the nation’s largest bank, which has come under heightened scrutiny for several instances of apparent viewpoint-based cancelations in recent years. The policy changes, which Chase has agreed to adopt and post publicly by late July, protect against religious and political discrimination for customers, suppliers, contractors, and employees. In particular, the changes specify that the company will “not tolerate discrimination” “based on … religion, religious affiliation, or religious views” or...

A former boss of Barclays, who was ousted from the bank over his links to convicted sex offender Jeffrey Epstein, will seek to clear his name in court this week. Jes Staley was forced out in November 2021 after UK regulators ruled he had failed to accurately disclose the nature and length of his relationship with Epstein to the Barclays board. The episode cost Mr Staley, a man with a glittering and rewarding career in investment banking, £18m in pay and bonuses and, more importantly, his reputation. -snip- A cache of emails released by his former employer JP Morgan suggested...