I FLUNG open the curtains in my 10th-storey Glasgow hotel room. There it loomed above me, like a scene from a pint-sized Manhattan ...
I FLUNG open the curtains in my 10th-storey Glasgow hotel room. There it loomed above me, like a scene from a pint-sized Manhattan: the giant letters of JPMorgan, emblazoned across the top of a tower block .
Well, a large chunk of that was levied in 2013, as a conclusion to the US Justice Department’s investigation into Morgan’s “toxic” mortgage bonds, which contributed to the crash in 2007-8. . As The New Yorker’s John Cassidy wrote at the time: “This sounds a lot like securities fraud, which is a criminal offence.”
- In 2020, they settled with various US state bodies to the tune of $920m, facing charges that they manipulated precious metals futures and US government bond markets from 2008 to 2016 . Are there other reasons to be uncomfortable with JPMorgan Chase’s presence in the city of Glasgow? Quite a few. On a global level, they’re acting perniciously around fossil fuels and the climate crisis.
This doubtless chimes with Dimon’s bloviations at Davos this year. “Trump was kind of right about Nato, kind of right on immigration. He grew thequite well. Tax reform worked. He was right about some of China. He wasn’t wrong about some of these critical issues.
No doubt many in Glasgow will also be “quants”, using the most advanced and responsive computation to react at light speed to market fluctuations. Surely this would be a revolutionary step. It would put our responsibilities to the earth directly in our hands and minds. It would open out an ethical space right at the core of an often condemned social media.
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