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If union members are upset that the millions union bosses have dumped into defeating Gov. Walker in tomorrow’s recall election appear not to be working, they may be furious when they learn the details of a new investigation by the Government Accountability Institute.
Here are a few of the highlights:
Despite the nearly 200 demonstrations against JP Morgan Chase, Bank of America, and the other big banks, the AFL-CIO and SEIU are in bed with JP Morgan Chase—big time. Through something called the “Union Plus Mortgage Program,” the AFL-CIO and SEIU provide their members over 80,000 home mortgage loans totaling a whopping $15.2 billion. And who have the unions relied upon for 12 years and running to offer these home loans? You guessed it, JP Morgan Chase, the very bank the big union bosses direct their members to rail against.
To hear the heated rhetoric against Chase coming out of the big unions, the average union member would have no way of guessing that their union is in business with the big bank. “Chase’s stranglehold on the economy is everywhere,” says President of SEIU-USWW Mike Garcia. “They’ve kicked California families out of their homes.” To rectify the injustice of it all, SEIU members are even directed to a webpage titled “Ask Jamie Dimon For a Meeting.” As the SEIU’s website declares: “Chase hurts everybody. They’re making a profit by lending taxpayers their own money…JP Morgan Chase is manipulating government budget processes and charging local and state governments high interest rates.” Odd words for unions who are in cahoots with JP Morgan Chase.
There’s more. .......
Originally posted by alyoshablue
Great thing to bring to the fold, Xeunchen. I hope this thread gets some traction, because this indeed is a unique circumstance. Let me know if I am wrong, but IMO, unions - in theory - seem like a good thing. Until, you find out that at the higher up levels, they are as corrupt as any corporation, government - be it state or at the federal level - and any organization you can throw about. Nonetheless, and I didn't read the complete article yet, it would seem that you call is interesting - is it capitalism or politics? Regardless, they seem to be playing the game.
On a side note, is it me or is JPM taking some hits? On the surface, I think it's all show, but then I have this little feeling like they might have opened a pandora's box that they are soon realizing they are having difficulty managing.
Anyway, thanks for the post.edit on 4-6-2012 by alyoshablue because: (no reason given)
Originally posted by xuenchen
They are using it for political reasons.
They might be setting up another accounting trick "paper loss" fiasco.
Remember it is based on trades in Europe for the most part.
Those wild derivative markets total something like $700 Trillion.
There's no assets to cover anything.
Beside that, anytime somebody shows a "loss", it means somebody else shows a "gain".