AFSCME Plan to JP Morgan: End Dimon Double Duty
WASHINGTON, Jan. 17, 2012 /PRNewswire via COMTEX/ — The AFSCME Employees Pension Plan (“the AFSCME Plan”) today announced it filed a shareholder proposal asking JPMorgan Chase & Co. (JPM) to adopt an independent board chair.
The AFSCME Plan, an institutional investor with more than $850 million in assets and a long-term shareholder of JPM, submitted the shareholder proposal for consideration at JPM’s 2012 annual meeting. The AFSCME Plan views the proposal as an important way to protect and enhance the economic value of its long-term investment in JPM and sees the proposal as a way to refocus the company on better managing its economic risks and protecting and improving the value of its shares.
“Jamie Dimon has gone from the ‘Last Man Standing(1)’ to ‘the Most Dangerous Man in America(2)’,” said AFSCME President Gerald W. McEntee, “and it is high time that the board of directors stepped in to manage risk at JP Morgan.”
JPM shares have declined almost 20% relative to the S&P 500 over the past year as the firm has faced significant additional legal and reputational risks(3). According to Bloomberg, bad mortgages and foreclosure abuses have already cost JPM $16.3 billion(4). In addition to the serious financial consequences of the foreclosure fraud debacle, JPM has suffered reputational damage due to:
alleged involvement with Bernie Madoff(5);
foreclosure actions taken against six active duty military personnel in violation of the Servicemembers Civil Relief Act(6);
charges of having participated in an unlawful payment scheme to win business with Jefferson County, Alabama(7); and
SEC enforcement actions leading to a settlement over allegations that JPM had misled its clients regarding a collateralized debt obligation (CDO)(8).
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Looks like all of the lawsuits are starting to add up… Poor jamie d-a**hole’s job just might start to be questioned.This WAMU thing just might be comming back to bite him in the ass. If you didn’t buy the loan you don’t own the loan wow what a revelation. Just rember the sun shines on a dogs ass once in a while dimon……
Bloomberg news was saying a couple weeks ago that these banksters do not even know how much risk they hold..! The total so called RISK is massive……$700 trillion dollars in mortgage collateral fraud a whopping total of $1.2 quadrillion in derivatives fraud in their global black cesspool….their shadow bank….they know, they are just dirty liars….Jamie Dimon is a traitor to America and a threat to our national sovereignty….! Jamie Dimon and all of his other bankster minions as well as the GOVERNMENTS, THE FEDERAL RESERVE and THE US TREASURY DEPT are traitors aiding and abetting the WORLD BANK/IMF in their hitler plan to bankrupt America …..! Time for the American people to tell to take their unsustainable debt and shove it…….!!!!! So sick and tired if hearing the word debt…it is the foulest four letter word ever spoken…! It is the BANKSTERS DEBT AND WALL STREETS DEBT….NOT OURS!!!!! THROW THEM OUT AMERICA!!!!
how about forcing Dimon to set with (oh lets say 200 families) who have been foreclosed upon by JPMCB. Let those people ask him if his Bank actually lent them $$ from the Banks holdings or assets?? – did JPMCB actually put any of their own skin in the game? – or did JPMCB created the money out of thin air off the signature of the alleged borrower? – then ask did you deposit the Note like a check into the private side of the Bank known as a (Direct Deposit Account??) – and once that debt was created did they monetize it? – then did they Securitize it? – and in the securitization process did the Bank pledge the Note to the sponsor who converted the Note into a certificate who turned it over to the depositor who turned it into a stock or stock equivalent on its happy ass way to Wall Street to be sold to investors who in return actually paid the Bank for its alleged ownership of the Note as part of the Securitization process? BTW – this is just for starters 😉
The arrogant pricks head on a pike.