Thursday, June 25, 2009

More About the Chase Credit Card Bait and Switch

Consumer has an article about JPMorgan Chase raising the minimum payment on their low interest rate credit cards from 2% to 5% at . That's a 150% increase in monthly payment. People are being forced to default and/or declare bankruptcy in droves.

I read the letters on this website and felt way better! Not because this is happening to so many people but because people are speaking up. I was just devastated by this experience, feeling ashamed and horrified at the idea of bankruptcy but mad as hell that anyone could do this to me. Sure, I said yes to the low interest rate checks I got from them (see my previous blog) but I did it thinking how else would I EVER get such a low interest rate for a business loan? How could I even get a business loan at all for the type of businesses we have? I was going to figure out how to pay it back, I WAS paying it back. Now, there's no way and I'm FAR from the only one.

According to one letter I read the Obama Administration is trying to put through legislation to prevent this kind of abuse but it won't be law right away. Is this Chase's retaliation?

Chase, by the way is owned by the Rockefellers, the same lovely people who founded Exxon Mobil, the multinational corporation who brought us the Iraq War. I've been researching who this company is all day and what I've been reading is unbelievable. The links are no longer as direct as they once were but Exxon Mobil and JPMorgan Chase executives and retired executives sit on each other's boards, invest in each other's companies, and both attend meetings of the Council on Foreign Relations, along with BP, Chevron, Shell, Halliburton, Lockheed Martin, and a number of other corporations who are not exactly impartial players in global economics and politics especially as it relates to oil-rich countries like Iraq and Iran. Dick Cheney and many other high ranking officials in the Bush administration continue to sit on this council.

JPMorgan Chase was one of the big banks who received $25 billion in federal bailout money. When Obama insisted on measures to regulate how they used this money and wanted to scrutinize their activities JPMorgan Chase said, uh-uh, no way. They paid the money back recently and that's when all these letters were sent raising the rates.

By the way, when a reporter for CNN asked how they were going to raise the money to repay these funds the CEO of the company said: "I don't see why a company with our kind of capital would need to raise capital." Yeah, they're a multinational corporation worth at least 2.1 trillion dollars. They brag about that on their own homepage. Why the hell were they getting a bailout in the first place?

Oh yeah, I remember, because the record $163 billion in profits they and their community of interdependent companies made while jacking fuel oil prices up and benefiting from large oil contracts with the Pentagon during the 5 years of the Iraq war (so far) wasn't enough? You all do remember the high prices at the gas pumps, the cost of heating fuel and jacked up prices for food and everything that got shipped across country in the final years of the Bush administration, don't you? Remember— that was going on at the same time as the predatory lending practices that are currently being blamed for tanking the economy. If JPMorgan Chase—the company that is owned by the people that still own controlling interests in many of the biggest privately owned oil companies in the world—wasn't doing their crap we wouldn't be in this mess.

This is the kind of predatory behavior bringing the world's economy to its knees. And, from where I sit, they look like the perpetrators.


Carat Cache said...

I didn't know Chase was owned by the Rockefellers. Interesting.

Sheryl Karas said...

Check it out: