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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.
"Twelve voices were shouting in anger, and they were all alike. No question, now, what had happened to the faces of the pigs. The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which." โ George Orwell, Animal FarmWhat was striking about this year's State of the Union address was not the sheer arrogance of the president's remarks, the staged nature of the proceedings and interactions, or the predictable posturing of the rebuttals, but the extent to which the members of the various branches of government - President Obama, Congress, the Supreme Court, and the assorted government agencies - are just one big, brawling, noisy, semi-incestuous clan.
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