Another sad story about a 7 year customer who always paid his credit card on time and never once missed a payment. Then he moved and in the mix up was 3 days late on one payment. That won him a 10% increase on his interest rate.
Bad bad Chase, Fees & charges | admin May 5, 2010 | 
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I wouldn’t be doing my job if I didn’t point out a leaked memo penned by a high level JP Morgan Chase executive that is highly critical of Congress and its attempts to regulate the financial industry. The memo is highly critical of Congress in general and fires barbs at some specific members of the Senate in particular.
Can you say oops? Chase has apologized for the memo.
The battlefield over Washington Mutual’s former holding company’s assets is getting hotter.
Shareholders have filed suit to demand an annual meeting in the hopes of ousting that board members so they can get their own on the board and better direct WaMu’s bankruptcy in the hopes of getting something out of it. As it stands, the assets left in WaMu aren’t enough to make WaMu’s creditors complete, so the shareholders would get nothing.
The creditors on the other hand are pushing the bankruptcy court to liquidate the company so they can get their money already.
Meanwhile, the creditors and shareholders are fighting each other over having an independent investigation of WaMu’s collapse.
Update 5/6/10: Shareholders lost their bid for an independent investigation.
Apparently JP Morgan Chase CEO Jamie Dimon dined with President Obama and a few other select big company executives last night as Obama ask their support for financial regulations.
Perhaps if President Obama new how poorly Chase treats its customers, (just read some more of this blog to learn all about this) he wouldn’t be so excited to associate with JP Morgan Chase.
Legal & regulatory | admin May 4, 2010 | Comments (0)
Chase has been sued in New York City by three homeowners that claim they were denied permanent mortgage modifications under the federal Home Affordable Modification Program despite the fact that they should have been eligible.
Chase claims that their incomes were inadequate for a permanent loan modifications but refused to specify what the income qualifications were. You’ve got to love that Chase.
The latest J.D. Power & Associates survey for banks is out and, as expected, Chase rated near the bottom (again).
The good news is that according to the survey, more people in general are willing to leave their bank if they don’t like the customer service.
The blame for this one falls directly on WaMu’s shoulders.
Apparently, in 2007, despite getting reports that a caregiver was embezzling from an 88 year old man with Alzheimer’s disease, WaMu went ahead and opened a new mortgage anyways which allowed the caregiver to steal all the money.
Bad bad Chase | admin May 3, 2010 | Comments (1)
WaMu’s bankruptcy plan (i.e. the former banks holding company) has been stalled for a while but now there is another reason, claims that the holding company is not fairly disclosing the value of its assets, meaning, it is actually worth more than they are saying. Is someone trying to pull a fast one on shareholders? It is clear that under the current plan, Chase would have benefited, perhaps undeservedly.
Luckily, shareholders have won the right to pursue an annual meeting, where they can try to force out the current board and replace it with one that might be more favorable to them.
