THE WISE Media, Content, and Publishing returns Monday with high impact news content. We look forward over the next three weeks to welcome our new sister website for Personal Finance News and Multimedia Content (empowertheconsumer.com). The following is an excerpt of article content to be published Monday morning. Full publication will be provocative as the consequences of inaction will force the Mainstream Media’s hand in coverage.
JP Morgan Chase has been on the Public Relations frenzy in an effort to be in front of the $2 Billion dollar tidal waves of losses due to derivatives trading. The forefront of the frenzy is CEO Jamie DImon with a straight shot to the realities of what happen, and the blunt apologetic tone was a parallel of water pouring over an ever increasing and unpredictable fire. Two stark realities are shining through as ethical cancers eating through the banking industry, the government regulatory system, and financial consumer base. First, consumers make mistakes with the banks or become subjected to sickness or economic collapse to slide out of the mainstream, and the consumers are evil and irresponsible to not adhering to the rule establishment in the banking industry. Medical illness survivors are awaken to being alive but denied in the mainstream banking industry in lieu of medical bills. The survivor is to blame for being diagnosed with cancer. The door is shut on the consumer, and the world of the Unbanked/Underbanked becomes the stark reality as 33% of adults are not allowed access to the mainstream banking industry. However, JP Morgan Chase and CEO Jamie DImon made a mistake as impervious to the ethical standards the rest of society must live by daily. This behavior is one the cancers on the system where accountability is negated at Executive Management Staffing level. The same rules do not apply to this unique group as the rest of society.
Second, CEO Jamie Dimon does bring a blunt apology to the shareholders of JP Morgan Chase. What about the apology to the consumers of the bank and the unbanked consumer being denied access to JP Morgan Chase when sickness or economic crisis overrode the personal responsibility to collapse the consumer into a negative financial situation. What about a decision to use $2 Billion dollars to target the unbanked in the communities served to consumers with circumstances in the past out of the control of the impacted consumer? The impact would be phenomenal as $2 Billion dollars would allow 1 million previously Unbanked/Underbanked access to checking accounts with financial literacy program costs added to the annual upkeep of the checking account for the bank. The spreading of financial health and empowerment in personal finance to 1 million people would impact the 360 economy including local to national. The financial health of the consumer base would be a positive impact in a longer term strategy in profit and consumer growth. 1 million people lost a chance because the CEO of JP Morgan Chase believes maximize profits no matter the impact to people. The retention of the CEO after the loss is an ethical disaster in the banking industry. The ethical breakdown must be stopped immediately, and accountability must start here.
Jamie Dimon lost $2 Billion dollars in derivative trading, and he lost the privilege of the leadership role at JP Morgan Chase bank.