JPMorgan Starts Buying Congress Again (September 4 2012) JPMorgan Starts Buying Congress Again (September 4 2012)

George Zornick the American reporter for The Nation magazine and former researcher for Michael Moore’s SiCKO documentary has published an article titled ‘JPMorgan Starts Buying Congress Again’. In the article Zornick states “When the “fail whale” breached at JPMorgan earlier this year, creating billions in embarrassing losses as a result of risky trading, the bank immediately ceased its political giving. Not that the bank didn’t need help from Congress – it certainly did, but a long history of donations to key committees bought CEO Jamie Dimon friendly audiences during hearings exploring the losses. Rather, the bank realized that while on the hot seat, the donations were tainted and likely unwelcome in Congress. But in a clear indication that JPMorgan’s seat has already cooled considerably, the bank is once again doling out the cash. …JPMorgan PAC wrote ten checks to the PACs of ten members of Congress, many of them key members of committees with the power to stop the risky trading that created the multibillion-dollar losses at the federally insured bank this year. Nine Republicans and one Democrat split $36,000 from JPMorgan Chase & Co. PAC in roughly equal amounts. …each of the Representatives sits on [either] the House Financial Services Committee or House Ways and Means. Each senator is on [either] the Senate Banking Committee or Senate Finance Committee. These committees exercise oversight over financial reform implementation and the financial services industry needs them on its side. …this certainly won’t be the last of them—and more importantly, what it buys the industry.”

 

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