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From Knowmore.org

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[edit] Criticism

[edit] Worker Rights

• JP Morgan Chase and Co received a “C-” grade on the 2007 NAACP Economic Reciprocity Initiative report. The grade reflects a measurement of corporate America's commitment to African Americans and other people of color. Companies were surveyed for their activity in employment, vendor development and contracting, advertising and marketing, dealerships and philanthropy. - 2007 Annual NAACP Economic Reciprocity Report

[edit] Human Rights

Funding Darfur Genocide

• Divest for Darfur As of the most recently available filings, these five prominent investment firms—FranklinTempleton, J.P. Morgan Chase, Capital Group/American Funds, Fidelity Investments and Vanguard—are the largest U.S. mutual fund company investors in PetroChina (PTR). PetroChina, through its parent company CNPC, is the worst of the “highest offending” companies helping to fund the genocide in Darfur, according to the targeted divestment model developed by the Sudan Divestment Task Force (SDTF).

• Citigroup, JP Morgan Chase and Morgan Stanley have also met with members of the investor-NGO coalition, often including senior managers in the discussion, and have each begun taking steps to address concerns, though the coalition believes more is required. "By making Sudan a priority in their engagement and investment decisions, these firms can exert tremendous influence over companies that continue problematic operations in Sudan," said Adam Sterling of the Genocide Intervention Network. April 2008 Amnesty International

War Profiteering

• U.S. Contractors Reap the Windfalls of Post-War Reconstruction: "JPMorgan, the nation's second-largest bank, which was implicated in the Enron scandal, has been contracted by the Coalition Provisional Authority to run a consortium of 13 banks from 13 countries that will constitute the Trade Bank of Iraq. Bank consortium members are not expected to earn much revenue initially, but banking publications report the real windfalls will come once Iraq's oil production resumes full capacity and anticipated billions of dollars flow through the Trade Bank for financing large development projects."

South Africa Apartheid

• "The Khulumani lawsuit targets 23 foreign multinationals [including J.P. Morgan Chase] for having aided and abetted the perpetration of gross human rights violations in South Africa under apartheid by equipping and financing the apartheid government's military and security agencies...All the corporate defendants in the suit had operations in South Africa. Khulumani is seeking damages for specific violations of internationally recognized human rights norms (extrajudicial killing, torture, sexual assault in association with torture, prolonged arbitrary detention, and indiscriminate shootings) by the apartheid government following the UN’s classification of apartheid as a crime against humanity." May 2008 United States Supreme Court Order Clears the Way for the Khulumani International Lawsuit to Go Forward

[edit] Political Influence

• JPMorgan Chase & Co is one of the heavy hitters when it comes to political contributions. According to the Center for Responsive Politics, JPMorgan Chase & Co is the 28th biggest donor from 1989-2008 - donating a total of $17,937,783. For the 2008 campaign cycle, JPMorgan donated $2,449,541 with top recipients Barack Obama ($333,857), Hillary Clinton ($254,244), and John Mccain ($111,650). See JPMorgan Chase's OpenSecrets Profile.

[edit] Business Ethics

• The Securities and Exchange Commission today instituted and settled enforcement proceedings against two major financial institutions, J.P. Morgan Chase & Co. and Citigroup, Inc., for their roles in Enron Corp.'s manipulation of its financial statements. Each institution helped Enron mislead its investors by characterizing what were essentially loan proceeds as cash from operating activities...As to J.P. Morgan Chase, the Commission filed a civil injunctive action in U.S. District Court in Texas. Without admitting or denying the Commission's allegations, J.P. Morgan Chase consented to the entry of a final judgment in that action that would (i) permanently enjoin J.P. Morgan Chase from violating the antifraud provisions of the federal securities laws, and (ii) order J.P. Morgan Chase to pay $135 million as disgorgement, penalty, and interest. July 2003 SEC Settles Enforcement Proceedings against J.P. Morgan Chase and Citigroup

• "Chase had sought a batch of subsidies akin to what Goldman Sachs received from the Pataki and Bloomberg administrations in 2005 to build a headquarters in Battery Park City. Critics of the Goldman deal, who put the value of the incentives at more than $650 million, described the arrangement as the most egregious example of corporate welfare in city history. Many officials regarded Chase’s threat as part of the usual bluster employed by companies seeking subsidies...One official familiar with the Chase deal said that the city and the state ultimately agreed to provide the bank with tax breaks, discounted electric power and rent subsidies worth about $100 million, most of which are available to tenants moving to the trade center site. But it depends on how the dollars are counted. For example, Chase will get a rent subsidy worth about $50 million a year for about 15 years, or $5 a square foot for 750,000 square feet.” That's a total of 750 million dollars subsidized by American taxpayers. June 2007 Chase Bank Set to Build Tower by Ground Zero

• In 2007, CEO James Dimon made $ 27,797,275 in total compensation according to the SEC and $ 28,887,532 according to the AFL-CIO's calculations. - AFL-CIO's Executive PayWatch Database

• Wall Street-Nazi Collaboration in World War II: Morgan and Chase banks collaborated with the Nazis based in Paris. Morgan, Chase and the Nazis benefited, the Jews did not. The Chase Paris manager enforced restrictions against Jewish property and refused to release funds, which belonged to the Jews. [1]

[edit] Praise

[edit] Worker Rights

• JP Morgan & Chase received a top score of 100 on the 2008 Corporate Equality Index. The Human Rights Campaign Foundation's Corporate Equality Index report, released each fall, provides an in-depth analysis and rating of large U.S. employers and their policies and practices pertinent to gay, lesbian, bisexual and transgender employees, consumers and investors.

• JP Morgan & Chase has been listed as one of the top 50 Companies for Diversity by Diversity Inc. for the last seven years: “For a financial-services company to report that 41 percent of its U.S. work force--and 52 percent of new hires--are Black, Asian American, Latino or Native American is remarkable. And JPMorgan Chase also notes that 32 percent of managers receiving promotions were from these racial/ethnic groups, compared with a 26 percent average for the Top 50.” - 2008 JP Morgan & Chase Diversity Inc Profile

[edit] Environment

• "A small British company that pioneered the idea of individuals and companies 'offsetting' their climate change emissions has been bought by JP Morgan, one of the world's largest financial organisations...The organisation makes reductions of greenhouse gases such as C02 on behalf of individuals and companies around the world, and invests in wind power, hydro power, biomass, human energy and cooking-stove projects in developing countries." The Guardian - JP Morgan buys British carbon offset company March 2008

• Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley say they've produced 'The Carbon Principles' together with several large power companies, Environmental Defense and the Natural Resources Defense Council, that will make it more difficult for new U.S. coal-fired power plants to secure financing. Big banks take issue with coal plants Feb 2008

• "JPMorgan Chase announced its new “sustainability commitment” today after months of intense campaigning by RAN members, activists, and allies around the country." Some snapshots of this commitment include convening a financial industry coalition to push the US government for a national global warming policy, adding carbon disclosure and mitigation to its regular client review process, asking borrowers to report their climate impacts as a potential liability, initiating “no-go zone” restrictions in lending criteria for areas with high ecological values where they will finance only preservation/nonextractive projects, and supporting the rights of all indigenous peoples and requiring full consultation with communities before projects are approved. - RAN - JP Morgan Turns Green April 2005

• US: A Shift to Green: "JPMorgan Chase recently announced that it would ask clients that are large emitters of greenhouse gases to develop reduction plans, following similar commitments by Citigroup Inc. and Bank of America Corp."

[edit] Brands & Subsidiaries

Bear Stearns, Chase, J.P. Morgan