OF THE
TIMES
The bank has violated the city code by making admissions of dishonesty and deceit in the way they dealt with their investors in the mortgage securities and Bernie Madoff Ponzi scandals. . . . We use this code against city contractors and all the small companies, why wouldn't we use this against one of the largest banks in the world?A similar move has been recommended for the City of Los Angeles by L.A. City Councilman Gil Cedillo. But in a January 19th editorial titled "There's No Profit in L A. Bashing JPMorgan Chase," the L.A. Times editorial board warned against pulling the city's money out of JPM and other mega-banks - even though the city attorney is suing them for allegedly causing an epidemic of foreclosures in minority neighborhoods.
Comment: North Dakota is not the only one abandoning the corrupt banking model:
Public banking in Costa Rica: A remarkable little-known model
Ellen Brown elaborates further on public banking here:
Public banks are key to capitalism
Cooperative Banking, Wave of the Future for a Sustainable Form of Banking