Fraud-Ridden Banks Not Our Only Option - latest from Public Bank author

[Alison H]

This is the latest from Ellen Brown, author of The Public Bank Solution, in Alternet.

Hello! Fraud-Ridden Banks are Not Our Only Option

North Dakota has a public bank. Why not your state or city?

 

“Epic in scale, unprecedented in world history.” That is how William K. Black, professor of law and economics and former bank fraud investigator, describes the frauds in which JPMorgan Chase (JPM) has now been implicated. They involve more than a dozen felonies, including bid-rigging on municipal bond debt; colluding to rig interest rates on hundreds of trillions of dollars in mortgages, derivatives and other contracts; exposing investors to excessive risk; failing to disclose known risks, including those in the Bernie Madoff scandal; and engaging in multiple forms of mortgage fraud.

 

So why, asks Chicago Alderwoman Leslie Hairston, are we still doing business with them? She plans to introduce a city council ordinance deleting JPM from the city’s list of designated municipal depositories. A similar move has been recommended for the City of Los Angeles by L.A. City Councilman Gil Cedillo.

 

More at http://www.alternet.org/economy/hello-fraud-ridden-banks-are-not-our-only-option?page=0%2C0.