JPMorgan Chase Trying To Block Shareholder Vote On Breaking Up Bank

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JPMorgan Chase Trying To Block Shareholder Vote On Breaking Up Bank

Jan 24 (Reuters) – A federation of U.S. labor unions is looking to force JPMorgan Chase’s board to consider breaking up the company after the disastrous “London Whale” affair, but the bank is trying to ensure that its shareholders do not get to vote on the union’s proposal.

The largest U.S. bank is seeking permission from the U.S. Securities and Exchange Commission to omit the proposal from the measures that shareholders vote on this spring, according to a letter sent to the agency on January 14.

The AFL-CIO’s Reserve Fund, a union fund that owns JPMorgan shares, wants the bank’s board to form a committee that would explore “extraordinary transactions that could enhance stockholder value,” including breaking off one or more of the company’s businesses. The panel should hire third-party advisers and make a report to shareholders 120 days after this spring’s annual shareholder meeting, according to the proposal.

The bank has become too big manage, the proposal said, citing more than $6 billion in losses last year by a trader nicknamed the “London Whale” in the bank’s Chief Investment Office in London.

“In our view, the evidence is mounting that JPMorgan has reached the point where stockholders would benefit from restructuring,” the AFL-CIO said in its proposal.

More here…

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Comments
One Response to “JPMorgan Chase Trying To Block Shareholder Vote On Breaking Up Bank”
  1. c.l.p.a.g. Chris says:

    It does seem ODD?: That the Trustees for the Beneficiaries would TRY to SILENCE the Sheered Lambs CRIES for: Honesty, Fiduciary RE-responsibility, MOrals, Ethics, Scroupels and Justice; in lieu of: “Just US” by contumacious cupidic Hireling C.E.O.S and Officios?

    Do NOT The Bologna Holding Shareholders: CONtrol their Employees?

    Has the created; become Greater than The CREATOR? Is the END near? CHAOS reigns Supreme When The RuEL of Law bows to Corruption Chaos abounds and reigns? Restore the Rule of Law? (or suffer the CONsequences) Racketeering even: Elitist By Bankers is still mere: “Theft by Deception” by common low life Tramps and Thieves, with Lots of LipStick on Ugly possessed by demon Pigs? Many men Know many Things!
    NO man Knows every Thing? SomeONE Knows Some Thing? Whom Knows?

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