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What Chase is doing with your bailout money.

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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:20 PM
Original message
What Chase is doing with your bailout money.
I just got an offer in the mail of $150 if I open an account that has automatic deposits like with my social security check automatically deposited in it. I thought that this money was supposed to be used for loans to help out small businesses and those people who needed help with their mortgages so they wouldn't lose their homes.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:25 PM
Response to Original message
1. They repaid the tarp money some time ago
As did the other big banks.
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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 05:37 PM
Response to Reply #1
12. We still saved their asses and they haven't changed the way they do business.
We will just have to bail them out again down the line and they aren't doing what they need to do to change the situation that got us where we are.
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dkf Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 07:37 PM
Response to Reply #12
14. I dont think they needed it.
and they were one of the first to repay it
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SemiCharmedQuark Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:25 PM
Response to Original message
2. I thought Chase paid back their loan?
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Nikki Stone1 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:28 PM
Response to Original message
3. Regardless, it's interesting that they're willing to pay you $150 to get your liquid assets in their
bank. You should demand more, considering that thousands of your dollars will be keeping them liquid with federal tax dollars.
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tabatha Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:31 PM
Response to Original message
4. Chase really bugs me.
I am sure they repaid their tarp money because of all the shenanigans they pulled last year - that is, they were efficient in paying back their loan by screwing their customers.

And the thing that really bugs me is that the CEO of Chase is Jamie Dimon, who calls himself a Democrat even thought he behaves like a Republican.

Any Obama admin watchers here - please stay clear of Jamie Dimon - Chase is rotten to the core.

If Chase looks good because they repaid their loans fast, please look a little deeper and see how it was done.



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LynneSin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:46 PM
Response to Reply #4
6. Because Chase is more diversified than other banks?
Edited on Mon Jan-04-10 02:47 PM by LynneSin
The bulk of the reason these banks default is because of subprime mortgages, something which Chase was not doing as much as other banks. Or if they did a subprime they would sell the mortgage off to another bank after the deal was done.

My mortgage was originally with Chase but 3 months later it was sold to Countrywide. I really didn't care as long as my excellent fix-rate was maintained.
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tabatha Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 03:12 PM
Response to Reply #6
8. Does not change the fact that
I have read more complaints about Chase screwing people (myself included, although it was not much) than any other bank.
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LynneSin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 03:27 PM
Response to Reply #8
10. I've read from all of the banks
Point is, the OP still has provided misinformation.
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Cleita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 05:39 PM
Response to Reply #10
13. What misinformation? If I could show you the offer, I would so you are going
to have to trust me that I'm not lying.
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LynneSin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 02:44 PM
Response to Original message
5. You do know that Chase was the first bank to pay back their TARP and that was in June
http://columbus.bizjournals.com/columbus/stories/2009/06/08/daily15.html

So um, that's not our tax dollars they are spending. Please correct your title since it is nothing more than misinformation.
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metapunditedgy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 03:25 PM
Response to Reply #5
9. There's a lot more public subsidy than TARP.
Isn't JPM/Chase one of the banks borrowing at about 0% (free money) from the Fed?
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LynneSin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 03:27 PM
Response to Reply #9
11. Chase didn't even want to take the TARP money, they were more solvent than the other banks
So I doubt it.
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metapunditedgy Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-05-10 03:22 PM
Response to Reply #11
15. Also TALF.
Besides the low borrowing rates available.

Think about it... Chase borrows from the gov't for free, then raises its VISA delinquency rates to 30%.

How can I do that?
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NBachers Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-04-10 03:10 PM
Response to Original message
7. Chase just opened up a spiffy new branch right down the street from me
The first thing they did when they took over from Washington Mutual was raise the ATM fee from two bucks to three.

I had a small account there, just for down-the-street convenience. I shut down the account and stayed with the credit union I've been at since 1991. They've got a co-op credit union in the neighborhood that gives me free ATM access.

Fuck Chase. They're like an invader in my San Fran Mission District neighborhood.
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