JP Morgan Chase bank’s online-banking system was malfunctioning Friday, creating double transactions, fees, and payments in customers’ accounts. The glitch was fixed later that day. Numerous Chase customers had posted on social media that their rent or bill payments were taken out of their accounts twice and reported hold times with customer service approaching more…
American Banks Prepare for Decline in Profits, 17 Percent Drop Predicted for Top Six Banks in the Fourth Quarter
January 10, 2023
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Big banks in the United States are getting ready to deal with shrinking profits due to factors like an overall difficult economic environment, despite the fact that interest incomes have risen over the past year. JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley are the six largest lenders in…
Top Wall Street Banks to Take Paper Losses of $17 Billion in Mortgage-Backed Securities
November 18, 2022
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Rising mortgage rates are forcing big banks to write down losses on their mortgage-backed securities (MBS) amid the Federal Reserve’s tightening interest rate policy and regulations. An MBS is an investment product that bundles home loans and other real estate debts, which then are bought from the banks that issued them. Wall Street’s big four…
JP Morgan Cuts Ties With Kanye West’s Business After Controversial Tweets: Report
JPMorgan Chase has decided to end its business relationship with rapper Kanye West’s company Yeezy, according to conservative commentator Candace Owens, which comes after West was suspended from social media after posting content accused of being antisemitic. Owens shared a letter reportedly from JPMorgan Chase indicating that the bank will terminate its business relationship with…
The Pitfalls of the Forced Apology Spin-Cycle
Commentary In a typically masterful essay from 50 years ago, the great British journalist and social critic Malcolm Muggeridge observed that nothing is more pathetic to watch than a ruling class on the run. If Muggeridge and his gimlet eye were with us today, however, even he might feel obliged to revise his take on…
Beware the Corporatocracy
A Hollywood dystopian plotline cliché depicts large corporations as despotic exploiters controlling society and manipulating individuals to maximize profits. Think “Alien.” Think “Blade Runner.” Think “Robocop.” I have always thought that this villainous corporations plotline was a stretch. Free societies would never, I assumed, surrender personal liberty to the control of big business. But recent…
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