ACTION ALERT: Cancel your accounts with Chase

If you have a credit card with Chase or do business with it in any way, here's some advice--cancel your account. Back in December, Irving Picard, the trustee for Bernie Madoff's assets, sued Chase for knowing that Madoff was a fraud and doing nothing to stop it. The suit was unsealed on Thursday--and based on its revelations, this is one company that doesn't deserve our business.

The suit alleges that Chase had evidence that suggested Madoff was engaging in illegal activity as far back as the 1990s and knew beyond all doubt as early as 2006 that Madoff was a fraud--and didn't do a damn thing about it. Earlier today on dKos, I called for Chase to be broken up. But the first step in punishing these guys is for us to cut off our business with them.

To my mind, Chase's most outrageous act in this affair occurred in October 2008. Tt alerted British authorities that Madoff's portfolio was "too good to be true" in October 2008--two months before Madoff was exposed. Yet it didn't place any restrictions on his banking activity. So let's see if we're reading this right--you tell law enforcement that somebody might be swindling people, but don't cut off the main venue he's using to break the law? I'd wonder what Chase was thinking, but it's obvious they weren't thinking.

At the very least, there was a pretty serious breakdown in the flow of communication. At worse, Chase was blinded by the money it was making off of Madoff. If Chase didn't care enough about its obligation to the public, it doesn't deserve our business.

Comments

Good advice

I had a credit card with them for a while, but dumped it last year. I always thought "Chase" was a bizarre name for a bank.

Speaking of putting your money where

your conscience is:

http://www.hrc.org/buyersguide2011/hrc-buyers-guide.pdf

http://www.hrc.org/buyersguide2011/?utm_source=Convio&utm_medium=email&utm_term=link-1&utm_campaign=...

A few examples of the worst scorers on how they treat LGBT people taken from the above list:

Retail
Wal-Mart 40
Bed Bath & Beyond 30
Lowe’s 30
PetSmart 30
Ace Hardware 15
Big Lots 15
Michaels 15
Trader Joe’s 15

Restaurants
Chipotle 30
Wendy’s30
Arby’s 30
Dairy Queen 15
Bob Evans 15
Jack in the Box 15
Krispy Kreme 0

One that I didn't see on the list

but that has been in the news lately for actively promoting and funding anti-gay groups is Chik-Fil-A. I've seen some serious accusations against them over on PHB and all across the blogosphere. The NY Times has highlighted it, and the company's president has even waded into it.

For a more humorous take on it:

They've never been open on Sunday,

which I always assumed was religious in nature. And seeing them closed made me want one of those sandwiches even more. :)

But if they are actively opposing LGBT rights, I'm willing to swear off those sandwiches the other six days, as well.

KFC scored alright

so there are still some less oppressive chicken options =)

Some of the higher food scorers:

Starbucks

Seattle’s Best Coffee 100
McDonald's 85
Darden Restaurants
Bahama Breeze; Longhorn Steakhouse; Olive Garden; Red Lobster; Seasons 52; The Capital Grille 80
The Palm 78
Burger King 73
Yum! Brands
A&W; KFC; Long John Silver's; Pizza Hut; Taco Bell; WingStreet 65

Bojangles and Smithfield

Bojangles and Smithfield Chicken and Barbeque are the only two that matter. :)

I'm a moderate Democrat.