Jamie Dimon
CEO of JPMorgan Chase: No tax breaks for Wall Street crime.
Our tax dollars will not go to subsidize Chase’s role in causing the Great Recession, creating the foreclosure crisis, and stealing our homes.
http://www.campaignforfairsettlement.org/recruiting
Campaign for a Fair Settlement
CEO of JPMorgan Chase: No tax breaks for Wall Street crime.
Our tax dollars will not go to subsidize Chase’s role in causing the Great Recession, creating the foreclosure crisis, and stealing our homes.
http://www.campaignforfairsettlement.org/recruiting
Campaign for a Fair Settlement
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$13 billion for committing Wall Street crime. That’s what the Department of Justice hit JPMorganChase for this week, specifically for sell the toxic mortgage backed securities they and other Wall Street criminals use to destroy our economy and steal our homes.
While this settlement will only recoup a small part of the damage JPMorgan Chase and Wall Street caused, it is a refreshing change from past behavior by Attorney General Eric Holder and the Obama Administration. It’s especially promising that this time, according to news reports, U.S. Attorney General Eric Holder refused to negotiate away the right to criminal prosecutions.
However, corporate tax law likely allows Chase to deduct all or some of the record penalty they will be paying. That’s outrageous. First they strip the wealth from our homes with predatory loans, then use those loans to blow up our economy, then use the Great Recession as an excuse to steal our homes through foreclosure, and now want to use our tax dollars to help pay their fine.
Tell Jamie Dimon, CEO of JPMorganChase: No tax breaks for Wall Street crime. Our tax dollars will not go to subsidize Chase’s role in causing the Great Recession, creating the foreclosure crisis, and stealing our homes. 1
The fact that Chase is on the hook for this record penalty and still might face criminal prosecutions is a testament to the pressure people like you have put on the bankers and the Obama Administration to hold Wall Street bankers accountable.
In March, when Attorney General Holder testified before Congress that Wall Street banks couldn’t be prosecuted because of their outsized wealth, you joined with 333,000 others from Action for the Common Good, CREDO, MoveOn, Campaign for America’s Future, and the Courage Campaign to demand the Obama Administration end “Too Big to Jail”. Some of you helped deliver those petitions to US Attorneys in cities across the country. And you stood with 500 home defenders from around the country who risked arrest at the Department of Justice in order to demand accountability for Wall Street criminals in May. That action ended with 28 arrests and non-violent protestors tazed, while seven more were arrested at the high-end Wall Street law firm Covington and Burling protesting the revolving door between the DOJ and Wall Street. Then just two weeks ago over 500 of you called AG Holder’s office demanding a strong deal with Chase. You and people like you are true warriors for justice.
That’s why it is simply unacceptable for any of us, as taxpayers, to pick up part of the $13 billion tab for Chase’s wrong doing. Tell Dimon: Don’t demand or tax any tax deducts from this settlement.
Reuters explains it this way:
“If $11 billion [of the $13 billion total penalty] is tax deductible, and assuming a 38 percent tax rate, the tax deduction could save JPMorgan as much as $4.18 billion, [tax expert Robert] Willens said.
The government, however, could negotiate an exception and require that JPMorgan agree not to deduct some of those expenses from its taxable income, he said.” 2
Simply put, it would be unconscionable for this agreement to allow Chase to use our tax dollars to pay for the criminal acts and economic destruction of which we’ve borne the brunt. Click here to tell Chase their agreement must prohibit tax deductibility for any of the $13 billion.
In solidarity,
Brian Kettenring, Executive Director, Action for the Common Good
[1] Recent agreements between the DOJ and other corporations show clear precedent here, including one from November 2012 with BP, forbidding them from deducting any of the $4 billion they owe for the Gulf of Mexico oil spill disaster. “Government doing more to prevent corporations from deducting settlements,” Washington Post, December 31, 2012 http://articles.washingtonpost.com/2012-12-31/business/36103880_1_tax-deductions-million-settlement-federal-agencies
[2] "Exclusive: JPMorgan settlement could cost bank closer to $9 billion," Reuters, Oct. 22, 2013. http://www.reuters.com/article/2013/10/22/us-jpmorgan-penalties-idUSBRE99L19720131022?ak_proof=1
$13 billion for committing Wall Street crime. That’s what the Department of Justice hit JPMorganChase for this week, specifically for sell the toxic mortgage backed securities they and other Wall Street criminals use to destroy our economy and steal our homes.
While this settlement will only recoup a small part of the damage JPMorgan Chase and Wall Street caused, it is a refreshing change from past behavior by Attorney General Eric Holder and the Obama Administration. It’s especially promising that this time, according to news reports, U.S. Attorney General Eric Holder refused to negotiate away the right to criminal prosecutions.
However, corporate tax law likely allows Chase to deduct all or some of the record penalty they will be paying. That’s outrageous. First they strip the wealth from our homes with predatory loans, then use those loans to blow up our economy, then use the Great Recession as an excuse to steal our homes through foreclosure, and now want to use our tax dollars to help pay their fine.
Tell Jamie Dimon, CEO of JPMorganChase: No tax breaks for Wall Street crime. Our tax dollars will not go to subsidize Chase’s role in causing the Great Recession, creating the foreclosure crisis, and stealing our homes. 1
The fact that Chase is on the hook for this record penalty and still might face criminal prosecutions is a testament to the pressure people like you have put on the bankers and the Obama Administration to hold Wall Street bankers accountable.
In March, when Attorney General Holder testified before Congress that Wall Street banks couldn’t be prosecuted because of their outsized wealth, you joined with 333,000 others from Action for the Common Good, CREDO, MoveOn, Campaign for America’s Future, and the Courage Campaign to demand the Obama Administration end “Too Big to Jail”. Some of you helped deliver those petitions to US Attorneys in cities across the country. And you stood with 500 home defenders from around the country who risked arrest at the Department of Justice in order to demand accountability for Wall Street criminals in May. That action ended with 28 arrests and non-violent protestors tazed, while seven more were arrested at the high-end Wall Street law firm Covington and Burling protesting the revolving door between the DOJ and Wall Street. Then just two weeks ago over 500 of you called AG Holder’s office demanding a strong deal with Chase. You and people like you are true warriors for justice.
That’s why it is simply unacceptable for any of us, as taxpayers, to pick up part of the $13 billion tab for Chase’s wrong doing. Tell Dimon: Don’t demand or tax any tax deducts from this settlement.
Reuters explains it this way:
“If $11 billion [of the $13 billion total penalty] is tax deductible, and assuming a 38 percent tax rate, the tax deduction could save JPMorgan as much as $4.18 billion, [tax expert Robert] Willens said.
The government, however, could negotiate an exception and require that JPMorgan agree not to deduct some of those expenses from its taxable income, he said.” 2
Simply put, it would be unconscionable for this agreement to allow Chase to use our tax dollars to pay for the criminal acts and economic destruction of which we’ve borne the brunt. Click here to tell Chase their agreement must prohibit tax deductibility for any of the $13 billion.
In solidarity,
Brian Kettenring, Executive Director, Action for the Common Good
[1] Recent agreements between the DOJ and other corporations show clear precedent here, including one from November 2012 with BP, forbidding them from deducting any of the $4 billion they owe for the Gulf of Mexico oil spill disaster. “Government doing more to prevent corporations from deducting settlements,” Washington Post, December 31, 2012 http://articles.washingtonpost.com/2012-12-31/business/36103880_1_tax-deductions-million-settlement-federal-agencies
[2] "Exclusive: JPMorgan settlement could cost bank closer to $9 billion," Reuters, Oct. 22, 2013. http://www.reuters.com/article/2013/10/22/us-jpmorgan-penalties-idUSBRE99L19720131022?ak_proof=1
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