Outrage of the Day: Big Banks Contributed to Protests Against Their Own Employees


Archy Cary at Big Journalism uncovers the not surprising but nonetheless outrageous information that JPMorgan Chase and Citibank contributed funds to at least one of the organizations that infamously have been picketing the homes, and in at least one case, the minor child, of banking industry employees.

Cary has posted a list of donors. Other donors with twisted values include the United Way of New York, the Rockefeller Foundation and the Ford Foundation.

Kudos to Cary for posting the information, which demonstrates at least two obvious facts the left-wing and its handmaidens want us all to ignore:

1) Unions (which were involved in the demonstrations) are no longer about the workers (if they were, they would not picket the workers, let alone workers’ children);
2) Big corporations hurt themselves when they contribute to their enemies (yes, by the time a group is scaring a industry’s employees’ minor children half to death, the word “enemy” applies).

It’s not as though these corporations haven’t been warned.

In 2007, acting on behalf of the National Legal and Policy Center, Project 21’s full-time fellow Deneen Borelli presented a shareholder proposal at the JPMorgan Chase meeting relating to a shakedown to which the bank submitted because, 200 years ago, two banks whose successors were eventually acquired by JPMorgan Chase had connections to slavery.

In 2008, to the applause of fellow JPMorgan Chase shareholders, Deneen challenged JPMorgan Chase CEO Jamie Dimon if there ever would “be a day you stand up and say no to Jesse Jackson.” (Go here for transcript of the exchange, which includes comments by Jackson, or here for an audio recording.)

In 2009, Deneen asked CEO Dimon how much money JPMorgan Chase had donated to ACORN. Dimon told Deneen Legal Counsel Steve Cutler would get back to her with the information.

In 2010 Deneen reminded Dimon and Cutler of the 2009 promise, and that she is still waiting for the information. Cutler promised to provide the information (note: this was May 18; the information has not yet been provided).

Jesse Jackson, also present, asked CEO Dimon how much money JPMorgan Chase paid to minority- and women-owned legal firms and advertising agencies, and told Dimon that banks should get involved in urban investments. Cutler provided Jackson with a breakout of money that was spent on minority- and women-owned businesses. Jackson also asked Dimon if JPMorgan Chase would support judges modifying mortgage loan agreements. Dimon’s response on the judges question was “no.”

Deneen then reminded the executives and shareholders that the government, through the 1977 Community Reinvestment Act, required banks to provide loans to minorities because they are minorities and not based on the ability to repay the loan. She stated that loans should not be based on skin color. Her comments earned a round of applause from shareholders, most of whom, I suspect, have more sense than the executives who fund the radical left, hoping the left will attack other businesses first.

When Lenin famously said the capitalists would sell their enemies the rope with which they would be hanged, he was wrong.

There’s every possibility it will be donated.

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The National Center for Public Policy Research is a communications and research foundation supportive of a strong national defense and dedicated to providing free market solutions to today’s public policy problems. We believe that the principles of a free market, individual liberty and personal responsibility provide the greatest hope for meeting the challenges facing America in the 21st century.