Bank One/Chase Complaint - Is Chase The New Enron? Upated: 6-14-05
Update --- Chase takes another page from the Enron playbook. The following was posted 6-13-05 at 'J.P. Morgan Chase Watch' (www.innercitypress.org): JP Morgan Chase has received approval from the Office of the Comptroller of the Currency to begin trading “financially settled electric power contracts.” Over the last two months, the bank has expanded its energy trading operations to include power, natural gas, coal and emissions. J.P. Morgan is also seeking permission from regulators to trade physical power.
Is Chase The New Enron?
What’s up at Chase? Key people are mysteriously leaving, huge lawsuits are sprouting like mushrooms after a rain ... and there is a major rush to get cash into the Chase coffers by gouging credit card consumers and others with usurious interest rates.
Has the $58 billion merger of JPMorgan and Bank One in July, combined with a spate of other disastrous decisions at the corporate level, put Chase on the ropes? Yes, Chase is very large, but it is not invulnerable ... look how quickly the Soviet Union fell.
Someone (to remain unnamed) at Chase is in one helluva hurry to find some ready cash. And consumers are footing the bill. A few candid Chase employees verify that thousands of credit card customers are being pressured by a new “marketing strategy” to pay off the entire balance on their accounts immediately. This is laying waste to the Chase consumer credit base ... it’s killing the goose that lays the golden egg.
Indications are that this is not just corporate greed run amok. Some individual(s) at Chase are trying to cover a huge pile of s...t with an even bigger pile of cash. Does anyone out there have the time and energy to do some Internet digging and find out what’s going on?