A judge all but threw the book at JP Morgan Chase over its handling of a loan to a company owned by Mexican billionaire Carlos Slim in 2007. JP Morgan Chase has tried to structure the loan such that the majority of the loan would be held by a direct competitor to Slim’s Grupo Telivisa SAB, allowing them access to confidential information. Grupo Telivisia SAB sued Chase over the loan.
The Judge barred 10 JP Morgan Chase employees, including Vice Chairman Steven Black, from having any further dealings with the loan.
You can read the Wall Street Journal article here.
If Chase thinks like this at its very top levels, just think how little it bothers them to screw the little guy, aka its retail customers.
I just discovered a service called Amplicate, which defines itself thus:
Amplicate collects similar opinions in one place; making them more likely to be found by people and companies.
So, what do people think of Chase bank? Of about 1,300 opinions, 86% hate Chase vs 14% who say they love it. Think that is normal for a bank? Wrong. The average for banks is 36% love vs 64% hate. Bank of America is near the average with 35% who say they love it.
Several years ago Amazon.com “invited” me to apply for an Ammazon Chase credit card telling me I would get coupons with credits for purchases I made on the card ,which I could then redeem at Amazon.com. About a year I stopped getting these coupons. Three months ago I contacted both Amazon and Chase to find out what was going on. Amazon.com said they had nothing to do with the Amazon Chase credit card (which has their name on it), and Chase sent me a letter saying it would take them “a minimum of two months” to calculate how many credits I had earned. The next day they declined my card although I have never been late with any payment. And of course I have never received any word about the credits I earned which according to Chase (a minimum of two months) could be years from now!
Chase was criticized in the Wall Street Journal today for continuing to push its overdraft protection while other banks drop the program altogether.
Even some bankers cringe at the fees imposed on fleetingly overdrawn customers.
Bank of America CFO Charles Noski told The Wall Street Journal that his daughter, while at college, more than once ran up a $35 overdraft fee on a $3 cup of coffee. Her mother went crazy. “That does not engender the kind of constructive, trusting relationships we should be having with our customers,” he says.
BofA has decided it will simply decline such overdraft-prone debit-card transactions, and avoid those notorious $38 lattes. Citigroup’s stance is similar. Wells Fargo is still deciding. Chase is left looking like an outlier. The J.P. Morgan Chase bank has embarked on a blitz to persuade depositors to agree to overdraft charges ahead of a rule change on Aug. 15.
Rather than protecting its own income, perhaps it should chase something that really matters—to its customers, that is.
I’m personally not a fan of the activist group Acorn since their fall from grace with the pimp/prostitute scandal, but for what it is worth, they apparently recently held a rally inside the atrium of a Chase bank branch in Missouri.
SeattleCrime.com posted a story about a Chase branch being robbed. The only comments on the story, some people ranting about Chase.
Obviously, a bank robbery isn’t a laughing matter so I can’t really condone the insensitivity the commentors have to the situation, but it just goes to show how mad at Chase people really are. If you really want to see the comments, you can view them here.
Matthew Pinnavaia sued Chase after the bank closed his two business accounts and four personal accounts even though the balance on each card was no more than $4,000. He may win a $2-million judgment.
Matthew Pinnavaia was among the hundreds of thousands of people whose credit card accounts were either shut down or limited over the last couple of years as banks grappled with the meltdown of the financial markets.
Unlike most people, though, Pinnavaia decided to do something about it. He taught himself the law and sued Chase bank.
Now there’s a chance — a slim one, perhaps, but a chance — that he could be awarded $2 million in damages by a San Diego County Superior Court judge because Chase failed for months to respond to his lawsuit, as required by state law.’
We recently reported on mistake Chase made that killed a Seattle area soap company. Looks like they’ve done it again in the Seattle area, this time to the wife of an area columnist. By freezing the credit line his wife used to run a small housing development business, something that broke their own contract, they cost the business two months of progress and thousands of dollars.
I was a longtime Washington Mutual customer (back when it was a “friend of the family”). When Chase took over, inertia, or maybe it was laziness, kept me hanging around.
Bad move. In the spring, Chase, for no good reason, plunged my family into a financial crisis.
Without notice, Chase froze a line of credit my wife was using to run her small housing-development business. She had a project in mid-construction. One day she had money to pay the construction crew. The next day it was gone.
She had to halt construction, lay off workers and spend two months and thousands of dollars appealing to a disinterested corporate Borg. (The loan eventually was reinstated when it was made clear that Chase, by its own contract, had no grounds to freeze it.)
Bad bad Chase, Lawsuits | admin July 28, 2010 | 
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