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Forum Post: JP Morgan donate millions to NYPD prior to arrests

Posted 2 years ago on Oct. 16, 2011, 9:52 a.m. EST by Ambush (0)
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15 Comments

15 Comments


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[-] 1 points by DirtyHippie (200) 2 years ago

Whether it was given in 2010, in May or June of 2011, or two weeks ago, it's questionable because JPMorgan is in the municipal bond underwriting business. Money they give to any municipal locality is supposed to be reported to the SEC because of the inherent conflict of interest. Giving money to the City of New York, or any of its agencies, could be a solicitation to city officials, for future municipal bond underwriting business. That's a violation of industry regulations. It would be interesting to know if the SEC is doing their job on this.

[-] 1 points by howRya (42) 2 years ago

NYC Police Foundation is a non-profit, independant organization. Read up:

http://www.nycpolicefoundation.org/NetCommunity/Page.aspx?pid=224

And while you are at it, you can take a look at the donors that give to this organization. They cut across an extremely large cross section of this city. If you are going to condemn Chase then you must condemn them all.

[-] 1 points by DirtyHippie (200) 2 years ago

You don't understand. Are the other donors in the municipal bond underwriting business? This has to do with the highly regulated way that new issues of municipal bonds come to market to be sold to the public. The amount of money that the underwriter is paid is fundamental and subject to strict regulation. JPM is required to make a formal disclosure to the SEC and I'm curious to know whether they've done so.

[-] 1 points by howRya (42) 2 years ago

Well, I would think JPM did so since they posted their donation on their website and their name is posted as a donor on the NYCPF's website. If they wanted to be sneaky about something illegal then I would think they would do a much better job of covering it up.

An old saying crossed my mind when I read this rumor: "No good deed goes unpunished."

[-] 1 points by DirtyHippie (200) 2 years ago

I encourage you to educate yourself about the securities business, also known as investment banking, also known as Wall St. It's somewhat frustrating at times, to see all the clamor about "Wall St" by people who don't know the first thing about it. There are some knowledgable people here though. I know JPM features the donation on their website. I know it was in the news. But that's not how the disclosure to the SEC is made. It's a formal process, required by law, under the Securities Act of 1933. It's not the SEC's job to hunt down this type of information, or keep an eye out for it in the newspapers. Since JPM currently has 10,000 legal cases pending where they are named as the defendant, according to their own word, as published in their own 2010 annual report, everything they do, or fail to do, is of interest. This has nothing to do with rumors or punishing good deeds.

[-] 1 points by howRya (42) 2 years ago

Well, I'm sure there is a whistleblowers hotline where you could report this possible violation. I would only hope that if it is true that JP Morgan Chase made these donations in an honest and aboveboard manner that you, or anybody else, that has been dragging this donation through the mud would apologize.

But I'm sure that won't happen, because they are enemy #1 so even if they weren't guilty this time, they MUST be guilty of something.

[-] 1 points by DirtyHippie (200) 2 years ago

What bothers me is that you have this laissez-faire, let's-give-them- the-benefit-of-the-doubt attitude that led to the mess we're in. We should not only expect, but demand, that they do business in an honest and ethical way that's transparent to the public.

[-] 1 points by howRya (42) 2 years ago

I'm not being laissez-faire and resent the implication that I don't give a crap about ethics. I give such a crap about ethics that I don't like smearing anybody without proof of their guilt.

Don't you think that it is unethical to spread rumors of paying off a police department unless all the facts are present? In all the pages I read spreading this rumor NONE OF THEM said anything about these donations being made in 2010 and I suspect it is because it didn't fit into story that people wanted to spread.

Listen, I try to treat anybody the way I want to be treated. I wouldn't want somebody hanging something around my neck based upon incomplete stories and omitted facts. And I wouldn't do it to anybody else either. Sure, Chase may guilty of something but this looks to be an open-handed, aboveboard donation and to accuse them otherwise unless you have proof is unethical in my books.

[-] 1 points by CarryTheGripsUpToTheAttic (133) 2 years ago

ANYTIME the "99%" police come down to the park, gently ENCOURAGE them to leak documents/information about this crackdown!

Hold up signs describing where to leak documents, and how to switch to our side!

Follow them! Gently, but CONSTANTLY plead with them to help us!

[-] 1 points by MossyOakMudslinger (106) from Frederick, MD 2 years ago

True. There is no limit to Jamie Dimon's corruption and apparently no limit for the NYPD's corruption either.

[-] 1 points by howRya (42) 2 years ago
[-] 1 points by Democracydriven (658) 2 years ago

Thanksfor pointing that out. It appears the other link tried to spin it.

[-] 1 points by Democracydriven (658) 2 years ago

New York City Police Foundation — New York Beginning in 2010, JPMorgan Chase donated technology, time and resources valued at $4.6 million to the New York City Police Foundation, including 1,000 new patrol car laptops. The gift was the largest in the history of the foundation and will enable the New York City Police Department to strengthen security in the Big Apple.

New York City Police Commissioner Raymond Kelly sent CEO and Chairman Jamie Dimon a note expressing "profound gratitude" for the company's donation.

"These officers put their lives on the line every day to keep us safe," Dimon said. "We're incredibly proud to help them build this program and let them know how much we value their hard work."

[-] 1 points by BenBernanke (12) 2 years ago

wowww

[-] 1 points by Democracydriven (658) 2 years ago

I read this on a time line of the Great Depression

•In 1933 Alarmed by Roosevelt's plan to redistribute wealth from the rich to the poor, a group of millionaire businessmen, led by the Du Pont and J.P. Morgan empires, plans to overthrow Roosevelt with a military coup and install a fascist government modelled after Mussolini's regime in Italy. The businessmen try to recruit General Smedley Butler, promising him an army of 500,000, unlimited financial backing and generous media spin control. The plot is foiled when Butler reports it to Congress.