A 2010 law was supposed to relieve Americans of the onerous penalties, but thanks to aggressive marketing campaigns that persuade consumers to “opt in” for overdraft coverage, banks made nearly $14 billion on the "service" last year.
J.P. Morgan was recently socked in the wallet by financial regulators who levied yet another multibillion-dollar fine against the Wall Street baron for massive illegalities.
On Friday, the city of Los Angeles filed a lawsuit against JPMorgan Chase accusing it of pushing minority borrowers to take on risky home loans that would ultimately cost the city at least $1.7 billion in lost revenue and maintenance.
This week on Truthdig Radio in association with KPFK: Sen Dianne Feinstein picks a fight with the CIA on spying and torture, Fukushima turns 3, how to protect yourself from private and government surveillance, and the handful of American families who have all the powercom/avbooth/category/truthdig_radio/" title="Truthdig Radio">Truthdig Radio: Sen.
The broadcaster points out that President Obama, just like George W. Bush, is pushing his nominees through the revolving door between regulatory agencies and the banks they're supposed to oversee.
JPMorgan Chase is the biggest campaign donor to many of the members of the Senate Banking Committee who were charged with investigating the bank's CEO, Jamie Dimon, in mid June.
JPMorgan Chase CEO Jamie Dimon may be less concerned with the actual $2 billion his bank lost than the credence it lends to calls for tougher regulation.
President Obama says he thinks gay marriage should be legal, but isn't looking to legislate. JPMorgan Chase, the "best of the banks," loses a $2 billion bet and reignites the debate over bank regulation. The French election has austerity hawks worrying about a resocialized euro, and Indiana Sen. Richard Lugar's primary loss could usher in a new era of ideological warfare.